Builders Capital Closes First Tranche of Bond Offering

Builders Capital Mortgage (TSE:BCF) has released an update.

Builders Capital Mortgage Corp. has successfully closed the initial tranche of a bond offering to raise funds for its mortgage lending business, focusing on short-term residential construction mortgages in Alberta and British Columbia. A total of $7.25 million was raised in this first tranche from two placees, with one being a corporate insider. The company operates as a Mortgage Investment Corporation, distributing all taxable income to shareholders and providing them with stable, consistent returns.

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