Homeowners and foreign investors will have access to first and second mortgages and lines of credit
Firm Capital Mortgage Investment Corporation has announced the launch of its direct-to-consumer retail residential mortgage lending platform, FC Mortgage, which will provide residential first and second mortgages, as well as lines of credit, in the Greater Toronto Area.
The FC Mortgage platform is intended to address the lending needs of Canadian homeowners and foreign investors, Firm Capital said.
“Pricing will be based on loan to value with interest rates starting at 5% and ranging to 9% per annum,” Firm Capital outlined in its announcement. “Loan to value percentages will determine the interest rate, with mortgage terms of one to two years offered, so that borrowers can establish a payment history and refinance with a chartered bank at maturity.”
The platform will leverage Firm Capital’s three decades of industry experience and over a thousand successfully financed projects, on top of more than $10 billion in loan originations.
“As a leading non-bank lender since 1988, we are specialists in mortgage financing offering a broad range of mortgage products and a high level of personal and professional service to our clients,” Firm Capital assured its clients.
The launch of a product that targets buyers in the GTA is well-timed, as the market remains painfully competitive. Data from the Toronto Regional Real Estate Board showed that sales in the GTA’s detached housing market continues to outstrip its growth in new listings. In October, the area’s average home sale price grew by 13.7% annually to reach $968,318.
