Security Mortgage Investors - Specimen Stock Certificate
Inv# SE1267 Stock
Specimen Stock printed by American Bank Note Company. Available in Brown or Green. Please specify color. Relative to a mortgage investment corporation or MIC which is an investment and lending company designed specifically for mortgage lending (primarily residential mortgage lending) in Canada. Shares of a MIC are qualified investments under the Income Tax Act (Canada) for RDSPs, RRSPs, RRIFs, TFSAs, or RESPs. Mortgage investment corporations are generally provincially registered and licensed, with the management of the mortgage fund under the direction of provincially licensed mortgage brokers and real estate agents.
A MIC mortgage portfolio can include everything from small second mortgages on residential property to commercial and development mortgages on new projects. Every investment is typically based on a thorough investigation of the property. A typical MIC loan (ideally) should never exceed a specified percentage (typically from 60% to 85%) of the current value of the property. Compare this to a conventional bank's willingness to routinely loan 80% of the value of the property, and sometimes even 100%. MIC's investment strategies vary considerably, as do their rates of return on invested capital. Recent MIC's have generated returns between 6% and 12% for investors, however, returns vary based not only on the investment strategy of the specific MIC but also on the nature of the investment share itself. Some MIC shares are designed to be held for a period as short as a year, and other MIC shares require the investor to hold them for a longer period, up to 10 years in some cases. Yields typically increase when the hold periods are longer, and are lower for shares that are immediately liquid after a short hold period, such as one year. Read more at https://en.wikipedia.org/wiki/Mortgage_investment_corporation
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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