|By Marketwired .||
|June 16, 2014 06:04 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 06/16/14 -- Builders Capital Mortgage Corp. (TSX VENTURE:BCF) (Builders Capital or the company) has filed a full quarterly report for the three months ended March 31, 2014, the company's first full quarter of operation and the first quarter of its 2014 fiscal year. The filing of the report follows Builders Capital's release of financial results for the period on May 30, 2013. Copies of the report are available for download at the company's website (www.builderscapital.ca) and SEDAR (www.sedar.com).
About Builders Capital
Builders Capital is a mortgage lender providing short-term course of construction financing to builders of residential, wood-frame properties in Western Canada. The company was formed on March 28, 2013 but did not commence active operations until December 12, 2013, on the closing of its initial public offering, following which it acquired a portfolio of mortgages from two predecessor companies. Builders Capital's investment objective is to generate attractive returns, relative to risk, in order to provide stable and steady distributions to shareholders while remaining focused on capital preservation and staying within the criteria mandated for mortgage investment corporations, as defined in the Income Tax Act.
As a MIC, Builders Capital is not subject to income tax provided that it distributes all of its taxable income as dividends to shareholders within 90 days of its December 31st year-end. Such dividends are generally treated by shareholders as interest income.