In its financial results the firm said it originated $54 million of which $36 million has already been funded. It also received repayments of $39.4 million in mortgage and loan investments.
Total revenue was in line with a year earlier at $3.6 million and net income was $36,000 down from $644,000. Adjusted net income was $518,000, up more than $100K from the same period of 2016.
"Our net income has been impacted by early loan repayments of $39 million, foreign exchange movements and the unrecorded income on loans in arrears and equity positions,” explained Glenn Watchorn, President and Chief Executive Officer.
“The early repayment of loans reflect on the high credit quality of our loan investments. However, these unscheduled repayments resulted in us carrying higher than normal cash balances which impacted our revenue results,” he added.
The Toronto-based real estate finance company has continued to establish itself in the US during 2017 with new markets and borrowers, repeating business with existing customers, and successful loan repayments.
More market update:
The value of loans originated by Terra Firma Capital Corp. hit a record high for a single quarter in the three months ended September 30, 2017.