Royal Canadian is here for Borrowers
Support for RCM Borrowers
If any borrower is in any financial distress caused by layoff or loss of income or is worried about how to keep up with payments, our team is here to help. We have solutions to help our borrowers achieve financial stability during these challenging times. RCM will review all inquiries on a case-by-case basis and offer one of the following options based on each borrower’s eligibility:
► Flexible Payment Plans
► Extending Existing Mortgage Term
► Quick Refinance Program (see below)
It should be clarified that RCM is an alternative lender and we are not part of any mortgage payment deferral or relief program that has been announced by the traditional “Big 6” banks. In any event, debt assistance – from any mortgage lender – should not be mistaken for debt forgiveness.
Please be reminded that unless alternative arrangements have been agreed to in writing by RCM, Borrowers are still responsible to meet their mortgage obligations.
We have a Quick Refinance Program available for eligible existing RCM borrowers who are seeking additional funds. Because this program is formulated specifically for our existing borrowers, we have the ability to complete them cost-effectively with a quick turnaround.
► RCM can increase the existing mortgage principal of the existing loan provided that the loan-to-value ratio remains within our underwriting guidelines and there are no subsequent mortgages or liens.
► Funds can be used to pay any mortgage arrears, prepay the borrower’s upcoming mortgage payments, or to help with living expenses.
►RCM can work with borrowers directly in order to minimize costs.
►Our solicitors have offered reduced legal fees for these transactions.
Please note that each application is subject to underwriting review and approval.
Support Team Contact Information
In order to avoid a negative impact on your credit rating, we encourage borrowers who anticipate the inability to make an upcoming mortgage payment to contact us now instead of after the delinquency has occurred. Every borrower has a unique financial situation and we will work with each one to create an assistance plan that fits their needs.
ROYAL CANADIAN Mortgage Investment Corporation is an incorporated company established under the laws of the Province of Ontario pursuant to the Articles of Incorporation dated November 21, 2012 that is intended to qualify as a "Mortgage Investment Corporation" under the provisions of the Tax Act.
The head office of the Company is located at: 3800 Steeles Ave W Suite 203W, Vaughan, On L4L4G9. The Board of Directors are responsible for the general control and direction of the Company. The Company is focused Mortgage loans secured by Real Property primarily situated in the Province of Ontario.
The Company's long-term objective is to provide stable and secure cash distributions from its direct and indirect investments in Mortgage loans in its target market segments with the goal of obtaining favourable yields and maximizing distributions and share value through the efficient sourcing and management of a geographically diverse portfolio of Real Property Mortgage investments in Canada.
The objective of the Company is to generate income from its Mortgage loan investments. The Company will benefit from the Mortgage Manager's experience in originating, underwriting, syndicating and servicing Mortgage investments. Any Mortgage investments will be subject to specific investment policies and the operation of the Company will be subject to specific operating policies. These policies were established based on the historical practices of the Mortgage Manager, whose principals have been successfully operating in the mortgage investment industry since 1980. The Company intends to continue to pursue a strategy of growth through additional investments in Commercial and Residential Mortgages that are currently underserviced by Canadian banks and other lending institutions. The Company is well positioned to add to its portfolio by focusing on underserviced market niches within the real estate lending market and intends to grow the Company's Mortgage assets by accessing capital through further capital contributions from the Company.
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