On February 7, 2023, AP Capital MIC’s board of directors announced a 100 basis point (1%) increase in the fund’s monthly distribution to Class B and Class F shareholders. February’s monthly distributions will increase from 6.50% to 7.50% p.a. This is the fourth increase in the fund’s monthly distribution over the past 12 months and takes us above the pre-pandemic level. As we begin 2023, we do so with a weighted average interest rate charged to mortgage borrowers 2% higher than one year ago. In this higher-rate environment, we expect potential new challenges as the housing economy adjusts to higher financing costs.
About AP Capital MIC:
AP CAPITAL operates a mortgage investment corporation (or MIC as they are commonly called). Formed in 2007, AP has funded more than 1,700 mortgages in the past 15 years. For a current breakdown of the portfolio, visit AP’s Fast Facts.
AP Capital MIC is a Canadian non-bank lender that offers Western Canadian homebuyers and homeowners an alternative to Canada’s big bank, monoline, trust company, or credit union financing. Mortgages are sourced through licensed mortgage brokers and AP funds only those we choose. AP Capital mortgages provide short-term solutions to Canadians; all secured by residential real estate primarily located in urban markets of Western Canada. The AP team manages the entire lifecycle of every mortgage in the fund’s portfolio. We are proud of our past performance with a 10-year average annual return of 7.95% (audited, net of fees). and more than 1,200 investors have chosen AP Capital MIC through the assistance of their licensed financial advisor or investment advisor.
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