FREQUENTLY ASKED QUESTIONS
What types of mortgages does RiverRock MIC invest in and where?
We offer 1st and 2nd mortgages up to a loan to value of 80%. We lend on residential property located in urban and suburban areas in Ontario, with a focus on properties that are highly marketable.
How does RiverRock MIC find mortgage borrowers?
We deal strictly through licensed mortgage brokers and licensed agents in Ontario. There are reportedly over 10,000 mortgage brokers and agents in Ontario. These represent our external sales force; identifying and referring mortgages. RiverRock Management Inc. (The Manager) is retained to manage the mortgage portfolio. The Manager strictly manages the RiverRock MIC and does not broker mortgages for a fee.
Who do you lend to?
RiverRock MIC focuses on residential properties in urban and suburban areas in Ontario that are highly marketable. RiverRock MIC’s clients are self-employed, new immigrants, and borrowers with soft, poor, or no credit. We mitigate the risk with our proprietary underwriting model.
What is the minimum mortgage amount?
Our minimum mortgage amount is $50k.
Do you offer renewals for your existing clients? If so, what does this look like?
Yes, we are one of the few MIC's that will offer a renewal for existing clients whose exit strategy does not come to fruition as initially planned. Our renewals are offered on a 1 year term only.
Will RiverRock MIC pay a broker/agent to assist their client with a renewal?
The broker must be actively involved in the renewal in order to be eligible to charge a fee to the client. Often times there is not any work involved from the broker side when processing a renewal for the client.
Will RiverRock lend to clients in a consumer proposal?
Yes, we will as long as it is in good standing.
Will RiverRock lend on commercial or mixed-use properties?
No. RiverRock strictly lends on residential deals in urban or suburban areas.
Will RiverRock lend in 2nd position behind a private lender?
RiverRock will only lend in 2nd position behind banks and monolines. This means that if a client has a 1st mortgage with a private lender, we will not lend in 2nd position.