Mortgage Company of Canada Inc. ("MCOCI") Announces New $600 Million Credit Facility

TORONTO, Feb. 25, 2022 /CNW/ - Mortgage Company of Canada Inc. ("MCOCI"), a mortgage investment corporation ("MIC") based in the Greater Toronto Area ("GTA"), has announced an increase to its credit facility from $300 million to $600 million, effective today.

This new credit facility is co-led by The Toronto-Dominion Bank, Bank of Montreal, and Royal Bank of Canada. MCOCI is pleased to welcome five new partners to its lending syndicate, which now includes thirteen leading financial institutions.

"With this new deal, MCOCI now has one of the largest credit facilities of any residential MIC in Canada," said Raj Babber, Founder and CEO. "Both in terms of its size and the number of financial institutions involved, this new line of credit represents a major milestone for the Canadian MIC industry, and it speaks to the high degree of confidence our financial institutions have in MCOCI's business model."

As of February 22, 2022, MCOCI's mortgage portfolio was valued at $637 million. "Our strategy of funding first mortgages to prime borrowers has continued to deliver steady returns while not being correlated to public equity markets," Babber continued.

About Mortgage Company of Canada Inc.

Mortgage Company of Canada Inc. ("MCOCI") is a Toronto-based MIC incorporated under the laws of Ontario as of August 8, 2013. Guided by our commonsense approach to lending, we invest primarily in first mortgages secured by single family homes located mainly in the GTA. MCOCI has originated approximately $1.9 billion of mortgages since inception. Our management team follows strict underwriting guidelines approved annually by our majority independent board of directors. Our independent board members are James Garcelon, Brian Johnston, and Tammy Oldenburg, and our strategic advisor is Daniel Drimmer.

Per Section 130.1 of the Canadian Income Tax Act, MCOCI is a "flow through" where all taxable income is distributed to shareholders by way of dividends. MCOCI is administered by MCC Asset Management Inc. operating under the trade name Oppono Lending Company, a licensed mortgage administrator with the Financial Services Regulatory Authority of Ontario ("FSRA").

SOURCE Mortgage Company of Canada Inc.

please contact Rakhi Tejani of Waverley Corporate Financial Services Inc. at [email protected].