MCAN Mortgage Corporation (“MCAN”), listed on the TSX under the symbol MKP and is a reporting issuer in all provinces and territories in Canada, qualifies as a mortgage investment corporation (“MIC”) under the Income Tax Act (Canada) (the “Tax Act”) is regulated by the Office of the Superintendent of Financial Institutions (“OSFI”) and issues term deposits eligible for deposit insurance from the Canada Deposit Insurance Corporation (“CDIC”). MCAN also participates in the Canada Mortgage Bonds program, and other securitizations of insured mortgages. Xceed Mortgage Corporation (“Xceed”) is a Canadian provider of residential mortgages that it originates in Canada is based in Toronto was acquired by MCAN in July 2013.
MCAN is a niche-strategic investor in the Canadian real estate market. Our portfolio is focused on uninsured single-family mortgages and residential construction loans where we have proven investment expertise. Our exposure to the residential construction market provides in-depth knowledge of the regions that we invest in to support the uninsured single-family portfolio. – less