Latest First Source News
May 30, 2023
Toronto, Ontario, CANADA TORONTO, May 30, 2023 (GLOBE NEWSWIRE) -- Effective May 31, 2023, the First Source Mortgage Fund (“the Fund”) has increased the monthly distribution to investors from 65bps to 70bps. The result of this increase is a compounded annualized return of 8.73% for Class F units. All other Unit classes will also receive a 5bps increase in the monthly distribution. The continued impressive performance of the Fund is a result of its best-in-class underwriting practices and the dedication of the highly experienced team of professionals who manage the fund. “We are thrilled to increase the monthly distribution to our investors for the second time this year. We are observing a healthy and robust alternative commercial mortgage market. Today’s interest rate environment has resulted in an influx of highly qualified deals that, fortunately for us, do not meet the stringent and inflexible requirements imposed by traditional lenders. We are open for new investor capital, we see this as an excellent opportunity for qualified investors to increase their portfolio yield while not necessarily taking on additional portfolio risk,” said David Mandel, CEO of First Source Mortgage Corporation. About First Source Mortgage Fund The Fund is a diversified portfolio of commercial and development property mortgages focused in the Greater Toronto Area and select other Southern Ontario markets. https://www.firstsourcemortgage.ca/fund-materials . Please contact Scott Roberts, VP of Fund Sales at firstname.lastname@example.org. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, our objectives, our strategies to achieve those objectives, our performance, our mortgage portfolio, and our distributions, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by using forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. These statements are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Offering Memorandum under “Risk Factors” (a copy of which can be obtained at https://www.firstsourcemortgage.ca/fund-materials ). Those risks and uncertainties include, among others, risks associated with public health crisis; liquidity and price fluctuation of our common shares; dependence on the Fund manager and the mortgage banker; potential conflicts of interest; dilution; no guaranteed return; credit risk; interest rate risk; environmental matters associated with our business; availability of investments; reliance on the directors; borrowing; limited sources of borrowing; risks related to the renewal of mortgages comprising our investment portfolio; risks related to the composition of our investment portfolio; subordinated and subsequent debt financing; investment risk for land mortgage investments; reliance on borrowers; litigation risks; ability to manage growth; change in legislation; cyber risk; our convertible debentures; and qualification as a mortgage investment fund. Readers are cautioned that the foregoing list is not exhaustive. Although the forward-looking information continued in this new release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
First Source Frequently Asked Questions (FAQ)
Where is First Source's headquarters?
First Source's headquarters is located at Santa Ana.
What is First Source's latest funding round?
First Source's latest funding round is Series B.
How much did First Source raise?
First Source raised a total of $25M.