An Ontario-based mortgage investment corporation that offers alternative mortgage solutions to borrowers in Canada is to become the first private Canadian corporation to list on the Jamaican Stock Exchange.
EquityLine Mortgage Investment Corporation is preparing for an IPO in Jamaica with a public listing on the Toronto Stock Exchange to follow by the middle of 2019.
In its presentation to investors, EquityLine says that it is part of a mature group of companies with $305,000,000 in loan applications at November 1, 2018.
EquityLine MIC finances residential and commercial properties up to a maximum of 80% of LTV from appraised value of the property with single mortgage loan amount ranging from $20,000 minimum loan size to $3,000,000 maximum loan size.
The firm invests in short term mortgage loans with 6 to 12 month term and monthly interest only payments. Its investments are mostly focused on the Greater Toronto Area.
As an MIC its investments are only in Canada but it is permitted to raise capital from outside the country.
The Jamaican ICO will commence on December 10, 2018 and run until December 31, 2018.
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