Business
Builders Capital Mortgage Corp. Reports Quarter 1, 2020 Results
Calgary, Alberta--(Newsfile Corp. - May 28, 2020) -  Builders Capital Mortgage Corp. (TSX...
About this update from Builders Capital Mortgage Corp. Class A
[{"type":"text","content":"Builders Capital Mortgage Corp. Reports Quarter 1, 2020 ResultsContinued Caution Amid Market UncertaintyCalgary, Alberta--(Newsfile Corp. - May 28, 2020) -  Builders Capital Mortgage Corp. (TSXV: BCF) (\"Builders Capital\" or \"the Company\") today released its first quarter financial results for the period ending March 31, 2020. Highlights include:Consistent with our targeted distribution, dividends paid to Class A public shareholders in the first quarter were $0.1972 per share, representing an 8% annual return on the original $10.00 issue price.Our mortgage portfolio grew to 95% of our shareholders' equity figure in the first quarter, a quarterly increase of 13.5%; assets held for sale were reduced by 43% year-over-year.We achieved a conservative debt-to-equity ratio of 17.5% Our weighted average loan-to-value ratio continued to strengthen.Sandy Loutitt, President of Builders Capital, commented as follows:\"Clearly, it would be trite to suggest that the combination of low oil prices and wide-reaching COVID-19 measures have created anything less than a challenging operating environment for Builders Capital and virtually any other business entity in Western Canada. Nevertheless, we continue to make our first priority the preservation of the investment capital with which we have been entrusted, and are actively working to working to overcome any potential impacts created by the current state of affairs. Our aggressive management of problem loans and foreclosures has already achieved some results in the mitigation of identified risks, as has our introduction and application of more conservative standards for the underwriting of new loans. Our management team has been very successful in negotiating paths through challenging economic times in the last two decades, and we are confident these skills and abilities will continue to stand Builders Capital in good stead as the next chapters of this market difficulty unfold. Presently, our strategy of reducing risk and improving the strength of our portfolio by, among other things, shifting assets from Alberta to the BC market, is already showing results, and we will actively consider entering new markets where we see positive economic opportunities for productive portfolio growth.\"Financial OverviewThree months ended March 31, 2020$Three months ended March 31, 2019$Three months ende...