What is a Mortgage Investment Corporation (MIC)?
A MIC is a professionally managed pool of mortgages secured by local real estate. Mortgage Interest is paid out as dividends to the shareholders. The portfolio is managed by a professional mortgage administrator. They follow the Board of Directors approved mortgage underwriting guidelines to determine loan eligibility.
How do I get paid?
Armada Mortgage has been paying an uninterrupted monthly dividend since the inception of the Company. Our Class A Shares offer a choice of either a dividend cheque each month or compound and accrue monthly. All retained earnings at year end are paid out or converted into shares by March 31st. Share Purchases occur regularly. The fund has never missed a monthly dividend payment since 2002.
What types of mortgages does Armada invest in?
Armada Mortgage lends mostly on single family residential homes in BC, Alberta, and Ontario. Our mortgage portfolio consists of 1st and 2nd Mortgages. Only Current appraisals are used for valuation as well as the borrower’s credit ability to service the mortgage. Our maximum Loan to Value is 75% on 1st and 2nd mortgages.
How do I Invest?
Contact a friendly dealer representative through our selling agent Armada Wealth Management.
What are the costs of the shares and minimum investment?
Our shares are Class ‘A’ Non-Voting Preferred and are sold at a par value of $1.00 each. The minimum initial investment amount is $2,500. Armada Wealth Management is our selling agent. Please talk with one of their dealer representatives to ensure you get the most for your investment.
How do I withdraw some or all of my Class ‘A‘ Shares from the Plan?
Your funds are committed to a one year term. A notice period of 90 days prior to the ‘redemption date’ must be given. Please review our Offering Memorandum for more information regarding details of withdrawal.
How am I taxed?
You will be taxed as interest income on monthly cash payments. If you would rather see your investment accumulate over time you may want to consider our reinvestment option inside a tax deferred plan.
Talk to an Armada Wealth Representative today for more information.
If you would like more information on our company, please contact us.