Armada Mortgage Corp. Announces Increase in Dividend
Langley, British Columbia--(Newsfile Corp. - November 24, 2022) - Armada Mortgage Corp. ("Armada") is pleased to announce a monthly dividend increase to 5.85% in response to the company's steady growth. At year end, shareholders have the option to have retained earning paid out or DRIP and converted into shares.
Armada's portfolio has been steadily increasing throughout the year, with the mortgage portfolio sitting at $46.7 million as of September 30, 2022, including $9.74 million in new fundings. Currently, Armada is lending on 13.95% more mortgages than at the same time last year. The average weighted loan-to-value ("LTV") of the portfolio remains steady at 45.6%. Although the housing market is slowing down in British Columbia, Armada is still doing well in terms of business volume and applications.
Armada Mortgage Corporation is a Mortgage Investment Corporation ("MIC") and alternative lender and exempt market product. The MIC invests in residential, construction, and serviced land mortgage loans secured by first and second mortgages, and in exceptional cases, third mortgages. Armada has generated a simple average rate of return of 6.82% since 2003 and is audited annually. Share purchases are made through an EMD partner company, Armada Wealth Management.
Armada is a MIC in accordance with the Canadian Income Tax Act ("The Act"). Per the Act, the MIC is not subject to income tax as it distributes all of its net income and net realized capital gains as dividends within the time period according to section 130.1.
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