Alta Pacific is pleased to announce the fund’s yield for the year ending June 30 2011.  Alta Pacific MIC exceeded its target of 8-11% and delivered 11.65% per annum to its Class B shareholders.

Read our Fall 2011 MIC Update for more details. 
Add Comment
 
 
So much news about it recently that we decided to blog about it.. read it all here
Add Comment
 
 
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 Financial Post.
Add Comment
 
Mortgages in May 05/12/2011
 
Curious of what Alta Pacific MIC funds and how we operate?  Read our latest update "Mortgages being funded in May"
Add Comment
 
 
The value of building permits issued in Canada jumped 17.2 percent in March from February to the highest level in almost four years as intentions for multi-family dwellings more than doubled, Statistics Canada said on Thursday May 5.

Full Reuters news found here.
Add Comment
 
 
No rate hikes imminent, BoC signals - read the full report from this morning's Financial Post here.
Add Comment
 
 
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.

Add Comment
 
 
From Vancouver, Burnaby, Coquitlam, Richmond, West Vancouver, North Van, Surrey, Abbotsford, Chilliwack, Victoria, Nanaimo, Courtenay, Kamloops, Kelowna, Penticton, Vernon, Osoyoos, Quesnel, Cranbrook, Prince George and Fort St. John.... see a sampling of type of home a buyer can expect in Jan/Feb 2011.

Click here for a sampling (brought to you by The Vancouver Sun)

The average price of a home in British Columbia rose 11.5 per cent, to $548,183, in January 2011 compared to January 2010.  Click here for the story.
Add Comment
 
 
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.

Add Comment
 
 
View the full report here.

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.
Add Comment