OTTAWA, Oct. 04, 2022 (GLOBE NEWSWIRE) — Effective September 1, 2022, the Westboro Mortgage Investment Fund has increased the monthly distribution per eligible Class F unit to $0.067/unit from $0.066/unit. This increase provides a non-cumulative annualized return of 8.04% or, if the investor has elected to reinvest distributions (DRIP), a cumulative annualized return of 8.34%. The impressive performance of the Westboro Mortgage Investment Fund is a direct result of our longstanding and strong broker-client relationships; customer-oriented team culture; best-in-class underwriting practices; and a rising interest rate environment.
“The sudden drop in property prices has caused some non-bank lenders to exit the market. Borrowers are increasingly looking for alternatives and we selectively allocate mortgage capital to residential properties in great locations and to borrowers who can service their debt. Westboro is the non-bank lender of choice because of our strong balance sheet and proven track record of profitability over the past 18 years. Our mortgage fund is open to new investor capital. We see this as an excellent opportunity for qualified investors to increase their portfolio returns,” said Nick Christopoulos, CEO of the Westboro Mortgage Investment Fund.
About the Westboro Mortgage Investment Fund
The Westboro Mortgage Investment Fund was incorporated in 2004 as a Mortgage Investment Corporation in the Ottawa area. The mortgage fund manages assets that are >90% residential and single-family home mortgages. Total assets exceed $310 million while maintaining the primary goal of providing investors with a consistent and stable risk-adjusted return on their investment portfolio. Westboro assigns primarily in urban centers in Ontario; where there is sufficient liquidity for purchase/sale transactions of single-family homes. Westboro has a strong risk management culture with conservative underwriting that ensures high portfolio quality.
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