CMI MIC

What CMI MIC does

CMI MIC Funds is a privately held Canadian Mortgage Investment Corporation (MIC) and a subsidiary of CMI Financial Group, an alternative private lending company. The company manages a diversified pool of primarily short-term residential mortgages, raising capital from shareholders and deploying it through internally managed mortgage assets spanning all 13 Canadian provinces and territories. Its investment philosophy centers on capital preservation, prudent underwriting, and a rigorous due diligence process, with each mortgage asset managed in-house from origination through discharge.

The core product offering consists of three distinct MIC funds differentiated by risk profile and loan-to-value (LTV) cap: the CMI MIC Prime Mortgage Fund (LTV under 65%, targeting 6-8% Class F annual returns), the CMI MIC Balanced Mortgage Fund (LTV under 75%, targeting 8-9%), and the CMI MIC High Yield Opportunity Fund (LTV under 85%, targeting 10-11%). The minimum investment is $5,000, with tiered brackets ranging from under $50,000 to $1 million-plus. The MIC structure under the Canada Income Tax Act enables flow-through taxation (100% of net income distributed to shareholders) and registered-account eligibility across RRSP, RESP, LIF, RRIF, LIRA, RDSP, IPP, DPSP, and TFSA wrappers.

Go-to-market is sales-led through dedicated channels for individual investors, financial advisors, and institutional clients, supported by a toll-free contact center, a website, and an Investment News blog. The company generates revenue from interest spread on its mortgage portfolio and management fees, with virtually all net income passed through to shareholders per the MIC structure. No specific revenue, AUM, headcount, or founding date is publicly disclosed.

Name

CMI MIC

Legal name

CMI MIC Funds

Website

https://cmimic.ca

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

CMI MIC Funds is a Canadian Mortgage Investment Corporation under CMI Financial Group that offers three diversified MIC funds (Prime, Balanced, High Yield) targeting 6-11% annual returns for individual investors, financial advisors, and institutional clients across all Canadian provinces.

Ownership category

akta.pro rank

Product category

Mortgage Investment Corporation

NAICS

Open-End Investment Funds (525910), Funds, Trusts, and Other Financial Vehicles (525), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Private Credit — Real Estate Debt (Bridge, Mezz, CMBS-like) (FSAHAJAI)

akta.pro secondary industry

Real Assets — Real Estate Debt (Whole Loans, Mezzanine, CMBS/CLO) (FSAHAIAB)

Keywords

• Mortgage investment corporation
• Private lending funds
• Residential mortgage investing
• Alternative fixed income
• Flow-through investment

Headquarters

HQ city

Mississauga

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Mortgage Interest Income: CMI MIC generates revenue from interest payments on its diversified pool of mortgages (primarily short-term residential). As a flow-through investment vehicle structured under the Canada Income Tax Act, 100% of net income is distributed back to shareholders.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

CMI MIC operates a suite of three Canadian Mortgage Investment Corporation (MIC) funds that pool investor capital into diversified pools of primarily short-term residential mortgages. The Prime, Balanced, and High Yield Opportunity funds target different LTV ratios (under 65%, 75%, and 85%) and risk profiles with targeted annual returns of 6–8%, 8–9%, and 10–11% (Class F) respectively. Each mortgage is originated and serviced in-house, allowing CMI to keep expenses low and pass higher yields to shareholders.

Product overview

CMI MIC offers a suite of three distinct Mortgage Investment Corporation (MIC) funds designed for Canadian real estate investment. The portfolio consists of: (1) CMI MIC Prime Mortgage Fund (conservative, LTV <65%, 6-8% target return), (2) CMI MIC Balanced Mortgage Fund (moderate, LTV <75%, 8-9% target return), and (3) CMI MIC High Yield Opportunity Fund (aggressive, LTV <85%, 10-11% target return). All three funds are structured as flow-through investment vehicles under the Canada Income Tax Act and can be held within registered portfolios such as RRSPs, TFSAs, and RESPs. The funds focus primarily on short-term residential mortgages and are managed internally with a rigorous due diligence process.

Differentiator

Problem solved

Functional benefit

Brands

• CMI MIC Prime Mortgage Fund: Conservative risk profile fund with LTV average less than 65% and targeted annual return of 6-8%
• CMI MIC Balanced Mortgage Fund
• CMI MIC High Yield Opportunity Fund

Products and services

• CMI MIC Prime Mortgage Fund

Quantifiable outcome

• Targeted Annual Returns of 6-11% depending on fund risk profile
• +2 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• Home Capital Group: Canadian alternative mortgage lender offering residential and commercial mortgages through multiple channels. Comparable as a non-bank Canadian mortgage lender serving similar borrower and investor segments.
• First National Financial: Canada's largest non-bank mortgage originator and servicer. Comparable as a major Canadian alternative mortgage lender with institutional scale, though operates broader commercial and residential platforms.
• CMLS Financial: Canadian commercial mortgage lender and mortgage finance company. Comparable as a major participant in the Canadian alternative and private mortgage lending space, though more commercial-focused than CMI MIC.
• MCAP Financial Group: One of Canada's largest independent mortgage finance companies, originating, servicing, and securitizing residential mortgages. Broadly comparable given its role as a major participant in the Canadian alternative mortgage market.
• Equitable Bank: Canadian Schedule I bank specializing in alternative residential mortgage lending and deposit products. Broadly comparable as a Canadian alternative mortgage lender with overlapping investor base, though structured as a bank rather than a MIC.

Direct peers

• KnightVest Capital: Canadian private MIC offering multiple mortgage investment funds across risk profiles. Closely comparable to CMI MIC's three-tier structure and Canadian residential mortgage focus.
• ROMSPEN Mortgage Investment Trust: One of Canada's largest private MICs, lending primarily on commercial real estate with conservative underwriting. Comparable to CMI MIC as a privately distributed, in-house managed alternative mortgage investment vehicle.
• Firm Capital Mortgage Investment Corporation: One of Canada's largest publicly traded MICs investing in a diversified pool of residential and commercial mortgages. Directly comparable to CMI MIC as a multi-fund mortgage investment vehicle with similar LTV discipline and flow-through tax structure.
• Timbercreek Mortgage Investment Corporation: Publicly traded Canadian MIC focused on short-term residential and commercial mortgages with multiple fund vehicles. Comparable to CMI MIC in fund structure, registered account eligibility, and short-term mortgage focus.
• Atrium Mortgage Investment Corporation: Canadian non-bank lender operating as a MIC providing first and second mortgage financing. Direct peer given the parallel MIC structure, residential mortgage focus, and flow-through taxation model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/cmi_investments

Revenue estimate

Valuation estimate

Number of profiles

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 CMI MIC