TORONTO, Oct 06, 2014 (GLOBE NEWSWIRE via COMTEX) — Atrium Mortgage Investment Corporation (TSX:AI) has renewed its revolving operating credit facility for a two year term, and increased it to $100 million, from $80 million previously. The lead arranger for the credit facility is The Toronto-Dominion Bank. The syndicate of lenders consists of The Toronto-Dominion Bank and National Bank of Canada.
“We are very pleased that our lenders have recognized the strength of our mortgage portfolio by offering us a two-year term for this committed facility. The increased facility is as a result of the growth in our business, primarily due to our expansion into western Canada. We believe that this geographic diversification strengthens our mortgage portfolio,” noted Robert Goodall, President and CEO. He continued, “Atrium now has five offices across central and western Canada, so that we have a strong presence in our residential and commercial mortgage markets.”
A copy of the credit facility is available on SEDAR at www.sedar.com.
Canada’s Premier Non-Bank Lender(TM)
Atrium is a non-bank provider of residential and commercial mortgages that lends in major urban centres in Canada where the stability and liquidity of real estate are high. Atrium’s objectives are to provide its shareholders with stable and secure dividends and preserve shareholders’ equity by lending within conservative risk parameters.
Atrium is a Mortgage Investment Corporation (MIC) as defined in the Income Tax Act (Canada). Accordingly, Atrium is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the company had been made directly by the shareholder. For further information, please refer to regulatory filings available at www.sedar.com or Atrium’s website at www.atriummic.com.