M.I.C stands for Mortgage Investment Corporation.
A M.I.C is a type of investment company that invests in mortgages. Typically, they are made up of a group of investors who pool together their money in order to provide mortgages to borrowers. Whatever income is generated through mortgage payments is then distributed to the investors as a return.
M.I.Cs typically focus on providing financing for:
- residential properties
- commercial properties
- construction loans
- and second mortgages
In general, the rate is much higher than that of an A-Lender, and mortgage fees will likely be charged by both the M.I.C Lender and/or Mortgage Broker/Agent.
For more information, check out what a M.I.C looks like on closing.
