First Circle Mortgage Investment Corporation
Managed by First Circle Financial Services Ltd.
Data as of: January 1, 2026 · View latest fund facts
This review, compiled by WOWA for informational purposes only, is not investment advice, an offer, or a solicitation. Past returns don't guarantee future results.
AUM
$243M CAD
2025 return
8.94%
LTV
52.00%
Management fee
1.50%
About First Circle Mortgage Investment Corporation
First Circle Mortgage Investment Corporation is a British Columbia MIC incorporated in 2005, lending against residential, construction, commercial and land mortgages concentrated in southwestern British Columbia. It is managed by FCMIC Management Ltd. for a fee of 1.5% of invested assets, with shares distributed through exempt market dealer FrontFundr. As at September 30, 2025 its mortgage portfolio totalled roughly $243 million across 352 loans, at a weighted-average loan-to-value of 51.9%. The fund employs a syndicated bank facility and pays monthly dividends.
The fund reports approximately $243M CAD in assets.
The portfolio is predominantly composed of first mortgages.
Return of the mortgage funds are closely related to bank prime lending rate of interest, which has been declining. The latest annual return declined from 9.9% in 2024 to 8.94% in 2025.
The portfolio is highly concentrated in BC.
At a glance
| Assets under management (AUM) | $243M CAD |
| 2025 return | 8.94% |
| Overall LTV | 52.00% |
| First mortgages (as a % of the portfolio) | 91.00% |
| Property focus | Residential (70%) / Construction (12%) / Commercial (12%) / Unclassified (6%) |
| Structure | Private Corporation (MIC) |
| Investor access | Available to individual investors |
First Circle Mortgage Investment Corporation portfolio and performance
The portfolio is composed of residential mortgages (70%), construction mortgages (12%), commercial mortgages (12%) and unclassified mortgages (6%).
| Property Type | Share (%) |
| Residential | 70% |
| Construction | 12% |
| Commercial | 12% |
| Unclassified | 6% |
Note: Land and pre-construction mortgages are classified under commercial mortgages.
First Circle Mortgage Investment Corporation has a focus on BC, with 100% of its mortgages located in BC.
| Province/Region | Share (%) |
| BC | 100% |
First Circle Mortgage Investment Corporation returns
| Calendar year | Net return |
| 2023 | 9.81% |
| 2024 | 9.90% |
| 2025 | 8.94% |
First Circle Mortgage Investment Corporation facts
Fund structure
| Structure | Private Corporation (MIC) |
| Manager | First Circle Financial Services Ltd. |
| Latest data | January 1, 2026 |
Mortgage portfolio
| First mortgages | 91.00% |
| Overall LTV | 52.00% |
| Property focus | Residential |
| Leverage | Yes, the fund uses leverage. This means the fund borrows additional money and combines it with investor capital to fund more mortgages. Leverage can increase returns when the portfolio performs well, but it also adds interest costs and can magnify losses. |
Fees
| Management fee | 1.50% |
| Performance fee | No |
Who can invest in First Circle Mortgage Investment Corporation?
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $25,000.
The minimum investment amount through an advisor or dealer is $25,000.
About First Circle Financial Services Ltd.
First Circle Financial Services Ltd. is a North Vancouver private lender operating since 1991, specializing in equity-based mortgages across southwestern British Columbia. It acts as the market intermediary that sources and originates mortgages for First Circle Mortgage Investment Corporation and the affiliated Crown Vista Mortgage Investment Corporation. The two funds are managed by a related entity, FCMIC Management Ltd. First Circle Financial was founded by Alan P. Cross and is held by interests associated with the funds' directors and officers.
Frequently asked questions
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.