OTTAWA, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Effective October 31st, 2024, the Westboro Mortgage Investment Fund ("the Fund”) has increased the monthly distribution per eligible Class F unit from $0.075/Unit (75 bps) to $0.085/Unit (85 bps). This increase translates into a non-compounded annualized return of 10.20%. If the investor chooses to participate in the distribution reinvestment plan (DRIP), it will then result in a compounded annualized return of 10.69%.
"The continued success of the Westboro Fund can be attributed to our incredibly hard working and professional team and our long-standing relationships with some of Canada's most respected mortgage brokers. In this new falling interest rate environment coupled with the anticipated improvement of the housing market, we anticipate even more demand in 2025 for our short-term mortgages,” said Nick Christopoulos, CEO of Westboro Mortgage Investment Corporation.
Westboro Mortgage Investment Corporation's President, Derek Serra added, "From origination to underwriting to administration, we have built a winning team. We have fostered deep relationships with top mortgage brokers who are members of our well received Private Members Club and share our vision of a superior client experience. An excellent team coupled with incredible broker partners is the recipe for our success.”
About Westboro Mortgage Investment Fund
The Fund manages a diversified portfolio of short-term residential mortgages in Ontario. Over 90% of the mortgages are in 1st position. The primary objective of the fund is to provide investors with a consistent and stable risk adjusted return for their investment portfolio. https://westboromic.com/fund-performance/
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, our objectives, our strategies to achieve those objectives, our performance, our mortgage portfolio, and our distributions, as well as statements with respect to management's beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by using forward-looking terminology such as "outlook”, "objective”, "may”, "will”, "expect”, "intent”, "estimate”, "anticipate”, "believe”, "should”, "plans” or "continue” or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Offering Memorandum under "Risk Factors” (a copy of which can be obtained at https://westboromic.com/fund-performance/).
Those risks and uncertainties include, among others, risks associated with public health crisis; liquidity; dependence on the Fund manager and the mortgage broker; potential conflicts of interest; no guaranteed return; credit risk; interest rate risk; environmental matters associated with our business; availability of investments; borrowing; limited sources of borrowing; risks related to the renewal of mortgages comprising our investment portfolio; risks related to the composition of our investment portfolio; reliance on borrowers; litigation risks; ability to manage growth; change in legislation; cyber risk; and qualification as a mortgage investment fund. Readers are cautioned that the foregoing list is not exhaustive. Although the forward-looking information contained in this news release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.
All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Scott Roberts
Vice-President Sales - Funds
Westboro Mortgage Investment Corp.
267 Richmond Road, 2nd Floor | Ottawa, ON K1Z 6X3
Email [email protected]
