Since 1984, Bayfield has been the Portfolio Manager for several MICs, plus managed numerous private investor funds. In January 2020, the MICs under Bayfield’s management amalgamated to form a single Mortgage Investment Corporation, Bayfield Mortgage Investment Corp.

Bayfield Mortgage Investment Corp. provides alternative financing solutions for your clients and the funds are available only through the submission of a mortgage professional.

Process for Submission

  • Submit the deal along with the credit bureau via Filogix, Velocity, or Lendesk listed under “Bayfield”. Please email our underwriter James (james@bayfield.ca) to verify that you have submitted a deal so that it does not get overlooked.
  • Include a summary of the deal, including the reason for funds, any fee you may wish to net, rates, and terms. The final rate is determined by the lender. There is no set fee (i.e. 5 bpts of mortgage, etc.)

Please include your contact info (phone, email, fax) and company address.

Once the file has been reviewed, and if approved, a commitment letter with subjects will be emailed to you for your client’s review and approval.

If your client wishes to proceed, we require

  • The signed commitment letter returned to our office
  • A signed Statement of Disclosure (BC) or Form 2 (Alberta)

Please note the following:

  • Fees – are split 50/50 with Bayfield and deducted from mortgage proceeds.
  • Lawyers – All mortgages are prepared by the MIC’s chosen Law Firm. Documents can be forwarded to your clients’ solicitor for signing, should they request. Please include this information with the signed commitment letter.
  • Appraisals – All mortgages require a full appraisal report. If the appraisal is not prepared for Bayfield, please ensure the appraiser provides a transmittal letter allowing Bayfield to use the report. Appraisals should be emailed directly to james@bayfield.ca
  • Insurance – Insurance on the property is mandatory and will be confirmed by the lawyer. 
  • Property Taxes – Property taxes should be up to date and will be confirmed by the lawyer. Please note that if the taxes are not up to date, the lawyer will pay the costs and deduct them from your client’s proceeds.
  • Title Insurance – Mandatory on all files 
  • Preceding Mortgage Balances – Confirmation of any preceding mortgage balances will be confirmed by the lawyer.

General MIC Guidelines and Guideposts

  1. Security – 1st, 2nd and upon exception 3rd mortgages
  2. Property Types – Residential (owner occupied & rentals), acreage with a house, mobile home on own land, small commercial (upon exception)
  3. Loan to Value – Currently, 70% maximum LTV but can be increased to 75% on exception
  4. Credit History – Credit history is looked at and will have some bearing on the rate
  5. Rates – please contact our underwriter for our current rate(s)
  6. Mortgage Amount – There is no minimum or maximum amount. However, there may be restrictions on mortgages greater than $500,000.00 (availability of funds, etc.)
  7. Lending Areas –
    • GVRD
    • Fraser Valley up to Chilliwack
    • Victoria Regional District, Nanaimo, Courtenay, Comox, Campbell River
    • Kamloops, Vernon, Penticton, Kelowna, & Salmon Arm (Major city center)
    • Sunshine Coast (namely Gibsons, Roberts Creek & Sechelt)
    • Greater Calgary area (namely Cochrane, Airdrie & Okotoks)
    • Greater Edmonton area (Namely St. Albert, Spruce Grove & Sherwood Park)
    • Red Deer
    • Medicine Hat
    • Manitoba, Winnipeg & Brandon (please contact us for additional areas in Manitoba)
  8. Appraisals – Please confirm the appraiser you wish to use or see our approved appraisal list. Appraisal fees can be deducted from proceeds. Please advise the underwriter.
  9. Income Confirmation – Not required for most cases
  10. Terms – 1-year term – Offer open and closed mortgages. 35 to 40-year amortization. Shorter terms on an exception basis.
  11. Repayment Terms – Principal and Interest. Interest only may be considered on an exception basis.
  12. Payments – Monthly, semi-monthly (1st & 15th), bi-weekly & weekly (if requested). BMP is set up for PAP or post-dated cheques.
  13. Prepayment Penalty – 3 months interest or interest to term, whichever is the least.
    • Up to 3 payments can be made monthly without penalty
    • A lump sum of any amount can be paid on the anniversary date with no penalty
  14. Insurance – Insurance is mandatory on all properties and should be paid annually. Should your client’s insurance lapse or be cancelled, the MIC can, at its option, place a special risk insurance on the property and add the cost to the balance – thereby accruing interest on the total balance. It is also the option of the MIC to call the mortgage balance for inadequate insurance coverage.
  15. Renewals – Renewals are offered automatically, providing there has been little or no problem with the client.
  16. Assumable – Yes, with prior approval.