Classic Mortgage Corporation was formed in the year 2003 by Can Terra Financial Inc. The desire of Can Terra Financial Inc. was to develop and manage a portfolio wherein individuals pooled their funds to finance properties with a minimum risk to their investment, and without a large outlay of capital.
Can Terra Financial Inc. has been incorporated since 1989. Both the Company and the Manager are appropriately licensed in all juridsdictions in which we do business. The directors of Can Terra Financial Inc. have many years of experience in mortgage lending.
Classic Mortgage Corporation's portfolio is funded by share capital and bank credit facilities. One hundred percent of the Mortgage Investment Corporation (MIC) annual income is distributed to the shareholders, after expenses and management fees. Revenues are generated primarily by mortgage interest, fees and prepayment penalties.
Classic Mortgage Corporation provides lending facilities for residential, farms/acreages, commercial, and raw land. Classic Mortgage Corporation’s portfolio consists of first and second mortgages only.
Shares in Classic Mortgage Corporation can be purchased through a registered account (RRSP, RRIF or TFSA) or as a non-registered investment (personal or company). The average annual return for the company over the past three fiscal years has been 6.7% (to December 31, 2016).
The credit review committee is comprised of shareholders in Classic Mortgage Corporation. This committee reviews and approves, or rejects, mortgage applications in the portfolio. The credit review committee is cognizant of the market conditions at all times, and adjusts the risk factors accordingly to protect the shareholders' investment capital.