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| Comment | 13.120 | Jason Donville | Is dividend safe? Has no worries about this company. Consistent track record. Predominately in Toronto and there is very good loan to value. | 2012-01-16 | |
| BUY | 11.850 | Paul Gardner, CFA | Very good management. Focused on smaller community centre shopping areas and tend to take long-term views on their assets. (He owns the bonds, not the stocks.) | 2010-09-01 | |
| HOLD | 9.950 | Dennis Mitchell, CFA | As close to a mortgage REIT as you get in Canada. Essentially underwrite a portfolio of construction financing, mezzanine loans and commercial real estate. Average loan term is probably about 1 year. Payout ratio is sustainable. Limited competition. 9% yield but very little growth. | 2009-07-20 | |
| BUY | 10.020 | Dennis Mitchell, CFA | A short-term financer of commercial and multi-residential construction. No exposure to the sub prime market. A good name. Stable yield and modest appreciation. | 2007-08-16 | |
| BUY | 10.430 | Dennis Mitchell, CFA | Small “mortgage” REIT. Mezzanine financing for residential for multi-residential and commercial development. Involves loans for 12 to 16 months for some to develop a property or to reposition one. Expensive debt, so it is short term. Compelling value and a great yield. Fairly illiquid. | 2006-12-22 |