First Mortgage LP ("FMLP") Announces New $150 Million Credit Facility

TORONTO, March 10, 2022 /CNW/ - First Mortgage LP ("FMLP" or "we"), a non-traditional residential mortgage lender focused on prime borrowers, has announced an increase to its credit facility from $80 million to $150 million, effective today. FMLP is pleased to welcome four new partners to its lending syndicate, which now includes five of Canada's leading financial institutions. This is the second increase to FMLP's credit facility since it launched operations in March 2021.

"We launched FMLP one year ago this month," said Raj Babber, CEO. "Early response from mortgage brokers and unitholders has been highly positive, and this new deal speaks to the high degree of confidence our banking partners have in the strength of FMLP's business model and the integrity of our board, strategic advisor, and management team."

As of February 28, 2022, FMLP's mortgage portfolio consisted of 146 mortgages for an aggregate value of $93 million. "Our focus on creditworthy borrowers and conservative loan-to-value ratios continues to deliver steady returns and our business model is highly adaptable to prevailing market conditions," Babber continued.

About First Mortgage LP ("FMLP")

FMLP invests in residential first mortgages on owner-occupied single-family homes, including high-rise condos, located in urban areas in Ontario (looking to expand to the Greater Vancouver Area). We currently target borrowers with a minimum Equifax credit score of 750 and a maximum loan-to-value ("LTV") of 75%.

Since its inception in March 2021, FMLP has funded 168 mortgages for a total of $107 million. Our majority independent board of directors and strategic advisor at First Mortgage GP Inc. have a mandate to protect unitholder interests and provide strong business oversight. First Mortgage GP Inc.'s independent board members are Chris Taves, Neha Verma, and Tim Wilson, and our strategic advisor is Daniel Drimmer.

Units of FMLP are only offered to accredited investors under certain prospectus exemptions provided under applicable securities laws and are available through registered dealers only. Prospective investors should review FMLP's current offering memorandum with their advisors carefully before deciding to invest. 

This press release may contain "forward looking information" that is based on expectations, estimates and projections as of the date hereof.  Such information involves risks and other factors, including general economic and market factors, including credit, currency, political and interest-rate risks, that may cause actual results to be materially different. Neither FMLP nor its administrator Mortgage Company of Canada Inc. ("MCC") have any specific intention of updating any forward-looking information. A description of the material risks that FMLP faces is set out in FMLP's current offering memorandum.

SOURCE First Mortgage LP

Rakhi Tejani of Waverley Corporate Financial Services Inc., [email protected]