Kuber Announces Increase of Credit Facility to $100 Million
TORONTO, March 5, 2024 /CNW/ - Kuber Mortgage Investment Corporation ("Kuber" or the "Company") is pleased to announce an increase to its revolving credit facility (the "Credit Facility") from $80 million to $100 million with continued support by two of Canada's largest banks, effective March 1, 2024.
"This is the third consecutive increase to Kuber's credit facility since it was initiated in the fall of 2021. This unequivocally strengthens our liquidity position and accelerates our future growth strategy," said Mr. Sutha Kunam, President & CEO of Kuber Mortgage Investment Corporation.
As of March 1, 2024, Kuber's portfolio was valued over $190 million.
Kuber, founded in 2016, is a non-bank lender that provides highly personalized short-term mortgage loans to credit-worthy borrowers whose financial needs cannot be met by the conventional lending restrictions of banking institutions. Kuber offers investors who wish to take part in mortgage investments, but who may lack the expertise, time, energy, or investment capital required to invest, a unique opportunity to invest in a diversified pool of sustainable mortgages, concentrated mainly in the Greater Toronto Area. To date, Kuber has funded over $500 million in mortgages.
Additional information on the Company is available at www.kubermic.com
Although forward looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Kuber Mortgage Investment Corporation
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