Morrison Financial Mortgage Income Senior Fund
Managed by Morrison Financial
Data as of: June 30, 2026
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
$70M CAD
(Combined AUM of Morrison Financial Mortgage Funds)
2025 return
7.08%
Effective LTV
17.74%
Management fee
1.00%
About Morrison Financial Mortgage Income Senior Fund
The Morrison Financial Mortgage Income Senior Fund is an open-ended mutual fund trust targeting a net annual return of 6.5–7.5% delivered via monthly distributions. Investing in short-term construction, development, and bridge mortgages across key Ontario residential markets, the fund prioritizes capital protection by holding senior claim on loan proceeds within the shared mortgage pool—offering lower risk relative to the Junior Fund. Units are fully eligible for holding in registered accounts, including RRSPs, RRIFs, RESPs, and TFSAs.
The fund reports approximately $70M CAD in assets.
Most of the portfolio is in first mortgages, with some subordinate exposure.
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 7.8% in 2024 to 7.08% in 2025.
The portfolio is highly concentrated in Ontario.
At a glance
| Assets under management (AUM) | $70M CAD |
| 2025 return | 7.08% |
| Effective LTV | 17.74% |
| First mortgages (as a % of the portfolio) | 87.50% |
| Property focus | Construction (62.8%) / Commercial (37.2%) |
| Structure | Trust |
| Investor access | Available to individual investors |
Morrison Financial Mortgage Income Senior Fund portfolio and performance
The portfolio is composed of construction mortgages (62.8%) and commercial mortgages (37.2%).
| Property Type | Share (%) |
| Construction | 62.8% |
| Commercial | 37.2% |
Note: Land and pre-construction mortgages are classified under commercial mortgages.
Morrison Financial Mortgage Income Senior Fund has a focus on Ontario, with 91% of its mortgages located in Ontario.
| Province/Region | Share (%) |
| Ontario | 91% |
| Unclassified | 9% |
Morrison Financial Mortgage Income Senior Fund returns
| Calendar year | Net return |
| 2023 | 7.68% |
| 2024 | 7.80% |
| 2025 | 7.08% |
Return objective (2026)
Morrison Financial Mortgage Income Senior Fund has a target return of 6.50%-7.50% for 2026.
Morrison Financial Mortgage Income Senior Fund facts
Fund structure
| Structure | Trust |
| Manager | Morrison Financial |
| Series | F |
| Latest data | June 30, 2026 |
Mortgage portfolio
| First mortgages | 87.50% |
| Effective LTV | 17.74% |
| Property focus | Construction |
Fees
| Management fee | 1.00% |
| Performance fee | 50% Over Prime + 3% |
Additional fund details
The Morrison Financial Mortgage Income Senior Fund co-invests alongside the Junior Fund in a shared $70 million asset pool of short-term residential construction, development, and bridge mortgages across primary Ontario markets. Designed for capital preservation and steady income, the Senior Fund holds a priority claim on loan proceeds from the underlying portfolio. It is further insulated from credit risk because the Junior Fund holds the subordinate equity position, taking on first-loss exposure to shield Senior Fund investors. Since inception, the manager has maintained a zero-loss track record with $0 in realized investor losses, and has never suspended distributions or investor redemptions. (FundServ Code: BEL501)
Who can invest in Morrison Financial Mortgage Income Senior Fund?
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 Morrison Financial
Founded in 1987 by David Morrison, Morrison Financial Mortgage Corporation (morrisonfinancial.com) is one of Canada’s longest-standing non-bank mortgage lenders and investment managers. Based in Toronto, the firm specializes in short-term construction, development, and bridge financing for builders across Ontario, alongside specialized loans for condominium capital repairs and reserve fund shortfalls. Over nearly four decades, Morrison Financial has deployed more than $1.7 billion in mortgage capital, maintains $270 million in mortgages under administration, and manages two mutual fund trust-structured mortgage income funds that have distributed over $10 million to investors.
Compare other funds by Morrison Financial
Morrison Financial manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| Morrison Financial Mortgage Income Junior Fund | Construction mortgages | $70M CAD | Learn More |
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