Terrapin Mortgage Investment

What Terrapin Mortgage Investment does

Terrapin Mortgage Investment Corp. (TMIC) is a privately held Canadian Mortgage Investment Corporation incorporated in 1978 in Vancouver, British Columbia. The company pools capital from individual, corporate, trust, and foundation investors via two classes of preferred shares (Class A at a $25,000 minimum with annual dividends, and Class B at a $50,000 minimum with quarterly dividends), and deploys that capital into a portfolio of first and second mortgages on residential and commercial real estate in British Columbia, Alberta, and Ontario. Loan sizes range from $500,000 to $15,000,000 with 12-36 month terms, typically priced off the Prime Rate. Mortgage origination and pre-screening are handled by affiliated TerraFund Financial Inc., which vets all applications before submission to TMIC's Credit Committee. Reported returns include a 30-year average ROI of 8.43% for Class A shares, with recent fiscal year returns of 8.26% (FY2026), 11.07% (FY2025), and 11.20% (FY2024).

TMIC's revenue model operates as a flow-through under the Canadian Income Tax Act: gross interest income from the mortgage portfolio is reduced by management, legal, accounting, and overhead expenses held under 1.5% combined, and the net income is distributed to shareholders as dividends treated as interest for tax purposes. Shares are sold exclusively through the Exempt Market Dealer (EMD) channel, requiring Know-Your-Product and Know-Your-Client suitability assessments, with execution via self-directed RRSP, TFSA, or RRIF accounts at partner banks/trust companies or directly for non-registered holdings. The investor base is long-tenured and multi-generational, with over 30% of invested dollars sourced from insiders, founding families (Mahon and Wolrige), friends and family, and current/past employees.

The company has no proprietary technology platform and operates with traditional mortgage lending and investment management practices. Recent strategic activity has been focused on internal optimization: a March 2026 leadership transition promoting Chris Cavanaugh to President and elevating Jeff Morgan to Executive Director & Chair of the Board, the elimination of the Class B discount so that Class B shares earn the same ROI as Class A from March 1, 2026, and ongoing participation in MIC industry associations (BCMMA, CAMLA, MIABC). The founding families' affiliated Adera Group, which has developed over 11,500 homes and 4 million square feet of commercial real estate over 55 years, provides deep underwriting expertise and continuing insider capital commitment.

Name

Terrapin Mortgage Investment

Legal name

Terrapin Mortgage Investment Corp.

Website

https://tmic.ca

Company type

Private

Founded year

1978

Operating status

Operating

Headcount range

11–50 employees

Short description

Terrapin Mortgage Investment Corp. is a Vancouver-based private Canadian Mortgage Investment Corporation, founded in 1978, that pools investor capital into first and second mortgages on BC, Alberta, and Ontario real estate via Class A and Class B preferred shares distributed through Exempt Market Dealers.

Ownership category

akta.pro rank

Product category

Mortgage Investment Corporation

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Jumbo & Portfolio Wholesale Lending (FSALACAF)

akta.pro secondary industry

Private Credit / Direct Lending (FSAAAHAG)

Keywords

• Mortgage investment corporation
• Private mortgage lending
• Real estate secured loans
• Preferred share investments
• Construction financing

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Mortgage Interest Income: Terrapin earns interest income from its portfolio of first and second mortgages secured by residential and commercial real estate in BC, Alberta, and Ontario. Loans are typically variable rate based on Prime Rate with 12-36 month terms. The company charges higher rates than traditional banks due to the specialized interim financing nature of the loans.
2. Flow-through Dividend Distribution: As a MIC under the Income Tax Act, Terrapin distributes all net income to shareholders as dividends (treated as interest for tax purposes). This flow-through structure means no corporate income tax is deducted, allowing tax-free compounding in RRSP/RRIF accounts and tax exemption in TFSAs.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Terrapin Mortgage Investment Corp. is a federally regulated Mortgage Investment Corporation that pools investor capital through Class A and Class B preferred shares and lends it out as short-term construction and interim mortgages on residential and commercial real estate in BC, Alberta, and Ontario. The company earns interest income on its mortgage portfolio and distributes net income to shareholders as tax-efficient dividends, with shares eligible to be held inside RRSP, TFSA, and RRIF accounts.

Product overview

Terrapin Mortgage Investment Corp. (TMIC) is a Mortgage Investment Corporation (MIC) under the Canadian Income Tax Act that operates as a fully integrated, private real estate financing company. The company offers two classes of preferred shares (Class A with annual dividends at $25,000 minimum, and Class B with quarterly dividends at $50,000 minimum) that pool investor funds into a diversified mortgage portfolio secured by Canadian real estate. The company uses TerraFund Financial Inc. as its mortgage origination subsidiary to vet and process mortgage applications before Credit Committee approval.

Differentiator

Problem solved

Functional benefit

Products and services

• Class A Preferred Shares Preferred shares paying annual dividends within 90 days of fiscal year-end (February 28), with a $25,000 minimum investment and a 10-year average ROI of 8.13% (8.43% over 30 years). Investors can elect to receive dividends in cash or reinvest them through the DRIP (Dividend Re-investment Plan). Shares are eligible to be held within RRSP, TFSA, and RRIF accounts, and investors must be on record at the dividend declaration date (February 28) to receive the annual distribution.
• Class B Preferred Shares Preferred shares paying quarterly dividends (1.5% in each of August, November, February, and May, plus an annual top-up), with a $50,000 minimum investment and a 10-year average ROI of 7.83%. Effective March 1, 2026, Class B earns the same ROI as Class A shares; previously it carried a 0.30% discount. Dividends are paid in cash only with no DRIP option. Shares are RRSP, TFSA, and RRIF eligible.
• Mortgage Lending Services Short-term construction financing and interim mortgage funding for developers and real estate investors. Lends on first and second mortgages secured by residential and commercial real estate, land, and finished inventory in BC, Alberta, and Ontario. Loan sizes range from $500,000 to $15,000,000 with 12-36 month variable-rate terms based on Prime Rate. Loans are typically charged at higher rates than chartered banks given their specialized interim nature. Origination and due diligence are handled by affiliate TerraFund Financial Inc., with final approval by TMIC's Credit Committee.

Quantifiable outcome

• 8.43% 30-year average ROI for Class A preferred shares
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• TerraFund Financial Inc.coreTechnology or IntegrationTerraFund Financial Inc. is Terrapin's mortgage origination subsidiary that vets all new mortgage opportunities before they are submitted for approval by Terrapin's Credit Committee. TerraFund handles the initial review and due diligence process for mortgage applications, leveraging its expertise in real estate lending to identify suitable investment opportunities for the TMIC portfolio.
• Canadian Alternative Mortgage Lenders Association (CAMLA)minorOthersIndustry association membership demonstrating Terrapin's participation in the broader MIC and alternative mortgage lending ecosystem. Association provides networking, regulatory advocacy, and industry best practices sharing among member organizations.
• British Columbia MIC Managers Association (BCMMA)minorOthersProvincial industry association for MIC managers in BC. Melanie Zeegers serves on the BCMMA board (2023-Current). Association provides regulatory guidance, industry standards development, and peer networking for member MICs.
• Mortgage Investment Association of British Columbia (MIABC)minorOthersProvincial industry association representing mortgage investment corporations in BC. Membership indicates adherence to industry standards and provides regulatory and networking benefits for TMIC.

Scale indicators6 records

Recent moves5 records

Expansion highlights4 records

Others

• KingSett Capital: Leading Canadian real estate private equity and mortgage investment manager. Adjacent competitor sourcing many of the same institutional-grade real estate financings and competing for the same institutional/mortgage capital pool as TMIC.

Direct peers

• Trez Capital: Vancouver-headquartered private mortgage and real estate investment firm offering MIC and syndicated mortgage products across Canada. Direct competitor in BC and western Canada with overlapping investor and borrower relationships.
• Romspen Investment Corporation: Toronto-based private mortgage fund focused on real estate-backed lending in major Canadian markets with high-net-worth and family-office investors. Comparable product, structure, and conservative underwriting orientation.
• Atrium Mortgage Investment Corporation: Toronto-based Canadian MIC that lends on first and second mortgages secured by Canadian real estate and distributes via registered accounts. Directly comparable business model, regulatory structure, and target investor profile.
• Firm Capital Mortgage Investment Corporation: Canadian MIC focused on short-term construction and commercial real estate mortgage lending, with a similar investor base of preferred shareholders and an EMD-style distribution model. Closest direct comparable to TMIC's structure and product mix.
• Timbercreek Financial Corp. Publicly traded Canadian mortgage investment company providing shorter-duration construction and real estate financings across major provinces. Highly comparable product, geography, and MIC-equivalent structure.

Broad incumbents

• First National Financial Corporation: Canada's largest non-bank mortgage originator, providing single-family and commercial mortgage financing. Large incumbent competitor that captures many of the borrowers TMIC serves via its own origination and securitization channels.
• CMLS Financial: Canadian mortgage correspondent and investment manager with multi-channel origination, securitization, and private lending. Operates in the same commercial and construction mortgage space as TMIC, but at significantly greater scale.
• Equitable Group Inc. Canadian alternative mortgage lender operating Equitable Bank, with a broad insured and uninsured mortgage portfolio across Canada. Larger scale competitor addressing similar borrower and real estate segments as TMIC.
• MCAP Financial Group: One of Canada's largest independent mortgage finance companies, providing residential and commercial mortgage origination, servicing, and capital. Larger, broadly diversified incumbent competing for the same borrower pool as TMIC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/terrapin-mortgage-investment-corp-

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

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 Terrapin Mortgage Investment