Overview
Mortgage Financing
Currencia MIC is a non-bank lender providing financing options to real estate developers and property owners. We specialize in loans that are outside of the parameters of conventional lenders. Currencia MIC originates, underwrites and services its own investment opportunities across British Columbia and Alberta.
With our expertise in real estate development and financing, Currencia MIC provides a first class service for Canadians looking to buy, build and develop property. Typical Currencia MIC mortgage financings include:
Types of Projects
- Commercial, industrial and retail developments
- New construction
- Refinancing
- Land assembly and development
- Acquisitions, refinancing packages and equity take-out facilities
Loan Products
- First Mortgage Loans
- Second Mortgage Loans
Loan Guidelines
While every loan is structured to meet individual circumstances, our general lending criteria is outlined below:
General Criteria
- Loan sizes: $500,000 - $10,000,000
- Interest only or amortizing
- Loans can be structured to include an interest reserve
- Funding of up to 75% of project costs
- Recognition of equity created by borrower
- First mortgage interest rates from 10% to 14%
- Second mortgage interest rates from 12% to 16%
- Viable exit strategy
Land Financing
- First mortgages up to 75% of appraised value
- Second mortgages up to 75% of appraised value
- Rezoning, land assembly, land inventory and land servicing
Construction Financing
- First mortgages up to 75% of appraised value
- Second mortgages up to 75% of appraised value
- Includes single and multi-family, recreational, inventory, office, retail and industrial
Income Producing Properties
- First mortgages up to 75% of appraised value with terms up to five years
- Second mortgages up to 75% of appraised value
- Includes rental apartments, industrial, retail and office
Communities
- British Columbia and Alberta
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