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.

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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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