Dundarave Mortgage Investment Corporation

What Dundarave Mortgage Investment Corporation does

Dundarave Mortgage Investment Corporation (DMIC) is a privately held Mortgage Investment Corporation incorporated in 2008 and headquartered in Vancouver, British Columbia. The company pools capital from individual investors through the issuance of Class A redeemable preferred shares (issued at $1.00 each) and deploys those funds into a diversified portfolio of short-term (maximum 24-month term) secured mortgages in British Columbia and Alberta. The mortgage book spans residential first and second mortgages, construction and renovation financing, bridge and mezzanine loans, commercial property mortgages (office, industrial, retail), land development, apartment financing, and joint-venture participating arrangements. Underwriting follows a conservative 75% loan-to-value policy (capped at 85% for eligible Greater Vancouver/Victoria single-family properties), and individual loans are limited to the greater of $1,500,000 or 10% of portfolio, with non-residential exposure capped at 50% of share capital. The company has delivered a 10.89% investor return in the most recent fiscal year and a 7.73% ten-year average.

DMIC is managed day-to-day by Dundarave Management Ltd. (DML), whose principals include a 30-year mortgage broker who is also CEO of DLC Commercial Capital, a former Chairperson of the Canadian Human Rights Tribunal and real estate lawyer, and a mortgage broker and real estate lawyer. Distribution is handled exclusively through Western Exempt Market Dealer Services Inc. (WEMDSI), a BC-licensed exempt market dealer that is 100% owned by DML management and that does not offer any investment product other than DMIC — a structure that creates a fully integrated management and distribution chain. The entity is regulated by the BC Financial Services Authority and the BC Securities Commission, and its shares are eligible for Canadian registered savings and pension plans (RRSP, RRIF, RESP, TFSA). DMIC has no proprietary technology platform; operations are relationship-driven and conducted through a small team of 1-10 employees.

Name

Dundarave Mortgage Investment Corporation

Legal name

Dundarave Mortgage Investment Corporation

Website

https://dmic.ca

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Dundarave Mortgage Investment Corporation is a privately held Vancouver-based Mortgage Investment Corporation, founded in 2008, that pools individual investor capital to fund a diversified portfolio of short-term secured mortgages in British Columbia and Alberta.

Ownership category

akta.pro rank

Product category

Mortgage Investment Corporation (MIC)

NAICS

Other Investment Pools and Funds (5259), Mortgage and Nonmortgage Loan Brokers (522310)

SIC

Mortgage Bankers & Loan Correspondents (6162), Investors, Nec (6799)

akta.pro industry

PRIMARYFSANADAA

Senior Secured Direct Lending

Financial & Insurance/Private Equity & Venture Capital/Private Credit / Direct Lending Funds

SECONDARYFSAAAHAG

Private Credit / Direct Lending

Financial & Insurance/Asset & Wealth Management/Asset Management — Fixed Income & Credit

SECONDARYFSANADAC

Mezzanine / Subordinated Debt

Financial & Insurance/Private Equity & Venture Capital/Private Credit / Direct Lending Funds

Keywords

• Mortgage investment corporation
• Real estate lending
• Preferred share investing
• MIC structure
• Short-term mortgages

Headquarters

HQ city

North Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Others, Infrastructure

Revenue model

1. Interest Income from Mortgage Portfolio: DMIC generates revenue through interest payments on its diversified pool of mortgage investments. Mortgages include first and second mortgages on residential, commercial, industrial, retail, land development, construction, and bridge financing. Interest income and capital gains flow through to investors. Investors purchase Class A redeemable preferred shares at $1.00 each and receive quarterly payments equal to their pro-rata share of income earned. Management fees are only earned on funds actually invested and earning returns.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Dundarave Mortgage Investment Corporation is a privately held Canadian Mortgage Investment Corporation that pools investor capital through Class A redeemable preferred shares and deploys that capital into a diversified portfolio of secured short-term (≤24-month) mortgages — first and second mortgages on residential, commercial, industrial, retail, land development, construction, bridge, and apartment properties in British Columbia and Alberta. Investors receive pro-rata quarterly distributions of interest income (with optional reinvestment) and benefit from flow-through taxation under the Income Tax Act of Canada, with shares eligible for RRSP, RRIF, RESP, and TFSA accounts.

Product overview

Dundarave Mortgage Investment Corporation operates as a single, unified Mortgage Investment Corporation (MIC) product. The company pools investor capital through Class 'A' redeemable preferred shares and deploys these funds into a diversified portfolio of secured short-term mortgages. The core offering includes various mortgage types — residential first/second mortgages, construction and renovation loans, bridge and mezzanine financing, commercial property mortgages (office, industrial, retail), land development, apartment financing, and joint venture partnerships — all with maximum 24-month terms. The company is regulated by BCFSA and BC Securities Commission, and its shares are eligible for RRSP, RRIF, RESP, and TFSA accounts. Mortgage loans typically do not exceed 75% loan-to-value (85% in Greater Vancouver or Victoria for eligible single-family homes/townhouses/duplexes) and are capped at the greater of $1,500,000 or 10% of DMIC's portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Class A Redeemable Preferred Shares Redeemable preferred shares issued at $1.00 each that allow individual Canadian investors to participate in DMIC's diversified mortgage portfolio, receive pro-rata quarterly distributions of interest income (with optional reinvestment), and benefit from flow-through taxation under the Income Tax Act. Shares are eligible for RRSP, RRIF, RESP, and TFSA accounts and are sold exclusively through the affiliated exempt market dealer WEMDSI.
• Short-term Mortgage Financing (Residential, Commercial, Construction, Bridge, Land Development, Apartment) Short-term (maximum 24-month initial term) first and second mortgage loans on residential, commercial, industrial, retail, land development, construction, renovation, apartment, and bridge-financing properties in British Columbia and Alberta. Individual loans are capped at the greater of $1,500,000 or 10% of DMIC's portfolio and subject to a 75% loan-to-value ratio (with 85% permitted only on eligible single-family/townhouse/duplex properties in GVRD or Victoria Regional District — a discretion management has not used since inception). Targeted at property owners, builders, renovators, and land developers.
• Joint Venture and Participating Mortgage Partnerships Participating mortgage arrangements and joint venture partnerships with property owners, builders, and developers on real estate projects, providing equity-style participation alongside short-term mortgage financing in British Columbia and Alberta.

Quantifiable outcome

• 10.89% return for last fiscal year; 8.90% average over 3 years; 7.73% average over 10 years
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Western Exempt Market Dealer Services Inc. (WEMDSI)coreChannel Partner/ Reseller/ DistributorWEMDSI is a licensed exempt market dealer in British Columbia, 100% owned by Dundarave Management Ltd. (DML) management. DMIC retains WEMDSI to facilitate the investment process for purchasing Class A redeemable preferred shares. WEMDSI does not offer investment opportunities other than DMIC. Due to common ownership and management between DML and WEMDSI, there is a potential for conflicts of interest, with policies and procedures in place to avoid conflicts and assess suitability.
• Dundarave Management Ltd. (DML)coreImplementation/ SI/ Consulting PartnerDML provides day-to-day management of Dundarave Mortgage Investment Corporation. Management has decades of legal and mortgage brokerage experience. DML handles all details of mortgage investments including underwriting, administration, and investor communications. DML also owns WEMDSI, creating an integrated management and distribution structure.

Scale indicators8 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Atrium Mortgage Investment Corporation: Canadian MIC investing in a diversified pool of first mortgages; nearly identical business model (pooled investor capital, MIC structure, first-mortgage focus) making it the closest publicly-traded comparable to DMIC.
• Timbercreek Financial Corporation: Canadian specialty finance company (formerly Timbercreek Mortgage Investment Corporation) providing shorter-duration mortgage loans — directly comparable in product, customer, and MIC-style structure.
• MCAN Mortgage Corporation: Long-standing Canadian MIC focused on single-family residential mortgages; comparable MIC structure, retail investor base, and conservative mortgage underwriting approach.
• Firm Capital Mortgage Investment Corporation: Canadian MIC that invests in a diversified portfolio of mortgages, including construction and commercial; directly comparable MIC structure and short-term mortgage focus.
• Xceed Mortgage Corporation: Canadian MIC focused on first mortgages across multiple property types; comparable MIC structure, retail investor product, and diversified mortgage book.
• Romspen Investment Corporation: Private Canadian mortgage investment fund offering pooled mortgage exposure to individual and institutional investors; directly comparable structure and short-term Canadian mortgage strategy.
• Trez Capital: Canadian private mortgage lender offering pooled mortgage investment funds to retail and institutional investors; comparable pooled-mortgage structure with a Western Canadian footprint.
• Bloom Mortgage Investment Fund: Canadian pooled mortgage fund offering individual investors exposure to a diversified mortgage portfolio; closely comparable MIC-style pooled mortgage offering for retail investors.

Broad incumbents

• First National Financial Corporation: Canada's largest non-bank mortgage originator; offers mortgage investment products and underwriting at much greater scale than DMIC, providing a broad incumbent benchmark for Canadian mortgage lending economics.
• Equitable Group (EQ Bank): Canadian Schedule I bank (Equitable Bank) focused on residential and commercial mortgage lending plus deposit-taking through EQ Bank; broad incumbent operating in adjacent mortgage and retail-investor space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/dundarave-mortgage-investment-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dundarave Mortgage Investment Corporation