Business
Builders Capital Mortgage Corp. Releases Annual Financial Statements; Reports Strong Results for 2024: Record Gross Annual Revenue of $5.2 Million
Calgary, Alberta--(Newsfile Corp. - April 23, 2025) - Builders Capital Mortgage Corp. (TSXV: BCF)...
About this update from Builders Capital Mortgage Corp. Class A
[{"type":"text","content":"Builders Capital Mortgage Corp. Releases Annual Financial Statements; Reports Strong Results for 2024: Record Gross Annual Revenue of $5.2 MillionCalgary, Alberta--(Newsfile Corp. - April 23, 2025) - Builders Capital Mortgage Corp. (TSXV: BCF) (\"Builders Capital\" or \"the Company\") announced today the release of its annual report and financial results for the year ending December 31, 2024. Highlights include:Consistent with our targeted distribution, we paid dividends of $0.80 per share to our Class A public shareholders in 2024. This represents an 8% annual return on the original $10.00 issue price for the eleventh consecutive year since inception.Continued strong demand for construction financing, coupled with elevated interest rates led to record setting gross annual revenue of $5.2 million in 2024, an increase of 10.9% over 2023.Mortgage portfolio grew by 32% year-over-year, increasing to $44.23 million reflecting strong demand for construction financing and the successful launch of our Participating Bond offering. This strategic capital increase has also contributed to improved revenue and turnover.The company's mortgage portfolio turnover rate remained strong at approximately 8.75 months, slightly exceeding the target of nine months, indicating efficient capital deployment.In commenting on these results, Sandy Loutitt, President of Builders Capital, stated:\"We are happy to publish the results of another productive year. The management team continues to source, underwrite, and administer loans with a judicious eye to risk management without compromising yield. Fundamental demand for housing is still very much intact in our operating jurisdictions in Canada though the uncertainty of the US led tariff regime may start to see buyers stand aside waiting for a clear outcome from the tariff fallout and ensuing recession. Inventory levels have built substantially from this time last year. We see that trend continuing in the coming quarters. Sales and prices are also up, driven more by rising construction costs than by surging demand. The greater inventory is expected to slow new housing starts in the western provinces, much like we've already seen in the greater Toronto area. This may help balance some of what we view as excessive land price appreciation in the latter half of 2024. We still see room in a more balanced market f...