Firm Capital Mortgage Investment Corporation provides shareholders with update on its operating line of credit, investment portfolio size and average interest rate on its investments

About this update from Firm Capital Mortgage Investment Corporation

[{"type":"text","content":"\n\n\n\nFirm Capital Mortgage Investment Corporation provides shareholders with update on its operating line of credit, investment portfolio size and average interest rate on its investments\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Sept. 6, 2017\n\n\n\nTORONTO, Sept. 6, 2017 /CNW/ - Firm Capital Mortgage Investment Corporation (the \"Corporation\") (TSX: FC) is pleased to provide shareholders with an update on its operating line of credit, investment portfolio size and average interest rate on its investments.\n\nUPSIZING OF OPERATING LINE OF CREDIT TO $90 MILLION AND THE PROVISION OF US BORROWINGSThe Corporation is pleased to report that it has positively renegotiated the terms of its operating line of credit with a Canadian Chartered Bank. First, the Corporation has increased the operating line of credit to $90 million. Second, within the $90 million, upwards of US$20 million is available in US borrowings and will pay interest based on LIBOR plus a spread. All other terms within the operating line of credit remain unchanged. \n\nPORTFOLIO EXCEEDS $517 MILLION WITH 8.20% AVERAGE YIELDThe Corporation is also pleased to report that as of August 31, 2017, the investment portfolio stands at $517 million, which is a 6% increase over the $489 million investment portfolio reported as at June 30, 2017. The investment portfolio is well diversified, consisting of 263 mortgage investments with an average yield on investments of 8.20%.  72% of the investment portfolio is in first mortgages with approximately 68% of the investment portfolio maturing within the next twelve months, which is consistent with the Corporation's short term bridge financing strategy. Further investment portfolio details are posted on our website at www.firmcapital.com.\n\nAbout The Corporation \n\nWhere Mortgage Deals Get Done®\n\nThe Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including constr...

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