Alta Pacific Mortgage Investment
Mortgage, Mortgage Investment, Investment Corporation
This morning the Bank of Canada announced that the overnight rate will remain at 1% but for the first time since the recession it said it would eventually have to lift borrowing costs if the economic growth continues. Read more on the
No rate hikes imminent, BoC signals - read the full report from this morning's Financial Post
We’re not in the habit of writing about every mortgages we fund but like to post updates on individual mortgages from time to time.Last week we (Alta Pacific Mortgage Investment Corporation – MIC) advanced funds on three separate properties in Alberta. Two were second mortgages on residential homes in Edmonton (66% Loan To Value (LTV) and 70% LTV respectively). The third was a 2nd mortgage on a commercial property in Fort McMurray (62% LTV). Terms ranged from 3 to 18 months.
We don't post a news article on every mortgage we fund from Alta Pacific Mortgage Investment Corp. but we do like to keep interested parties informed on deals that we fund from time to time. Interested parties include; potential investors, current shareholders, financial advisors, mortgage brokers, potential borrowers.. and all have expressed the desire to learn some of the details on types of mortgages we fund.This week, Alta Pacific MIC advanced funds on a mortgage in second position, secured by a very nice residential home in the Lower Mainland of BC. The borrower has very good credit and substantial net worth; he needs the funds quickly for a down payment on a commercial property (opportunity). His plan is to re-finance his existing first mortgage and pay us within six months. This is one of those situations that we like to be a part of; helping a customer capitalize on an opportunity.. and where our speed (to fund) surpasses that of other conventional lenders. The loan to value (LTV) on the second position is 75% based on a current independent appraisal.
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Notable figures from the report: The seasonally adjusted annual rate of housing starts was 170,400 units in January, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 169,000 units in December 2010. January’s seasonally adjusted annual rate of urban starts decreased by 19.0% in the Prairie Region and by 7.9% in British Columbia.
, Mortgage Investment