Business
Atrium Mortgage Investment Corporation Confirms Low Exposure to Urbancorp Projects
Toronto, Ontario--(Newsfile Corp. - May 17, 2016) - Atrium Mortgage Investment Corporation (TS...
About this update from Atrium Mortgage Investment Corp.
[{"type":"text","content":"Atrium Mortgage Investment Corporation Confirms Low Exposure to Urbancorp ProjectsToronto, Ontario--(Newsfile Corp. - May 17, 2016) - Atrium Mortgage Investment Corporation (TSX: AI) today provides an update of its mortgage exposure to Urbancorp development projects. Atrium has three mortgages outstanding to Urbancorp and related parties of Urbancorp as detailed below: Property Mortgage balance Mortgage rank Appraised value Current loan-to-value Bayview Ave, Toronto $8,802,469 First $15,900,000 55.4% Mallow Rd, Toronto $3,730,327 First $16,900,000 22.1% Patricia Ave, Toronto $3,707,697 First $15,500,000 23.9%  The commitment for Bayview is fully drawn. The total combined commitments for Mallow and Patricia aggregate $16.7 million. Even if both commitments were fully drawn, the loan-to-value ratios would still be low at 53.3% and 49.7%, respectively.Due to its strong security position and the low loan-to-value ratios, Atrium expects to fully recover all amounts currently due from Urbancorp and its related parties.Forward-Looking Statements This news release contains forward-looking statements. This information can be identified by words such as \"expects to,\" or similar expressions suggesting future outcomes or events. Atrium believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to the uncertainty associated with accessing capital markets and the risks related to Atrium's business, including those identified in Atrium's annual information form for the year ended December 31, 2015 under the heading \"Risk Factors\" (a copy of which may be obtained at www.sedar.com). Forward-looking statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by law, Atrium undertakes no obligation to update any forward-looking statement, whether as a result of...