What is an MIC?
A Mortgage Investment Corporation (MIC) is an investment and lending company. MICs invest in mortgages.
Typically, a borrower might be someone who has significant equity in real estate but has a difficult time showing cash flow in a conventional manner. Instead of borrowing from a bank, this type of borrower will pay a higher rate of interest in order to secure a mortgage from a MIC.
This type of lending has long existed, but investing in MICs has only recently opened up to retail investors.
Is there a minimum required amount to invest?
Currently there is no minimum amount required to invest in Cambridge MIC.
How often are returns distributed?
Returns are calculated and distributed quarterly. Each investment can be tailored to pay out cash, more shares, or a combination of both (ie. 50% cash/50% shares). An updated investor statement and letter from the President are included with each distribution. Cash payments are made by Electronic Funds Transfer.
Are investments TFSA, RRSP, RRIF and RESP eligible?
Yes, Cambridge Mortgage Investment Corporation is an eligible investment for these registered accounts as well as various other tax sheltered investments through certain designated trustees.
Do I invest a lump sum, or can I add specific amounts each month?
Currently Cambridge MIC does not have a system set up for small monthly contributions, however, we are considering implementing systems in the future to accommodate this.
How are investment returns taxed—as dividends, capital gains or interest?
The returns are taxed as ‘interest from Canadian sources’. T5s are issued at the end of each calendar year.
Are your mortgage terms closed or open?
We are open from day one.
How do I access funds on my line of credit?
With an email request, we deposit funds into your payment account in one to two business days.
Do you offer short-term mortgages?
Yes, we can often assist with “bridge” financing when funds are only required for a short term (for example, 18 days).
Can you help with rush deals?
Yes, we have a team in place when funds are needed in a hurry. Please call our Martina, our Business Development Manager, to discuss timeframe requirements: 778.319.2661.
Do you consider 2nd mortgages?
Yes, please refer to our information page about 2nd mortgage options.
Where do you lend?
British Columbia, Alberta and Ontario. See a full list of locations here.
What are your current rates?
While each province has its own pricing, we price each deal according to individual merit, ensuring your client receives the best pricing options possible. Please call Martina, our Business Development Manager, to discuss: 778.319.2661.
Will you finance mobile homes?
On owned land, we will consider mobile or modular type homes. Mobile homes on leasehold property are not considered.
Do you consider commercial properties?
Yes, we consider a limited type of commercial property. Please call us to determine if your small commercial file is a fit for us.