Another big MIC comes to the stock market

Investment manager Brompton Group has announced the launch of the Eclipse Residential MIC, a mortgage investment corporation specializing in single family residential mortgages. The mortgages will be originated by MCAP Financial Corp. It’s great to see more diversity coming to the Canadian mortgage market! However, with the funds’ dividend already set at 6% and average bank mortgage rates closer to 3.5%, I wonder whether they will have to loosen their lending criteria to find the 850 mortgages they are looking for. At Cannect, each mortgage is individually vetted by the experienced staff at Morcan Direct and, being privately held, we don’t have the stock market breathing down our neck.