Kuber Announces New $80 Million Credit Facility
TORONTO, Dec. 6, 2022 /PRNewswire/ - Kuber Mortgage Investment Corporation ("Kuber" or the "Company") is pleased to announce an increase to its revolving credit facility (the "Credit Facility") from $40 million to $80 million, effective November 23, 2022. The term of the facility has also been extended for an additional 2 years.
This new credit facility now includes an additional Schedule I bank. Kuber is excited to welcome a 2nd Schedule I partner to its lending syndicate.
"The addition of another partner with an increased facility demonstrates the confidence our lenders have in Kuber's business model. We are honoured to have achieved this milestone in such a short period of time."
"This is the second increase to Kuber's credit facility since it was initiated in the fall of 2021. This unequivocally strengthens our liquidity position and accelerates our future growth strategy," said Mr. Sutha Kunam, President & CEO of Kuber Mortgage Investment Corporation.
Per Section 130.1 of the Canadian Income Tax Act, Kuber is a "flow-through" vehicle where all taxable income is distributed to Investors by way of dividends.
As of November 23, 2022, Kuber's portfolio was valued over $130 million.
About Kuber Mortgage Investment Corporation
Kuber, founded in 2016, is a non-bank lender that provides highly personalized short-term mortgage loans to credit-worthy borrowers whose financial needs cannot be met by the conventional lending restrictions of banking institutions. Kuber offers investors who wish to take part in mortgage investments, but who may lack the expertise, time, energy, or investment capital required to invest, a unique opportunity to invest in a diversified pool of mortgages, concentrated mainly in the Greater Toronto Area.
Additional information on the Company is available at www.kubermic.com
Forward Looking Statements
Although forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE Kuber Mortgage Investment Corporation
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