Founders Advantage Capital Corp. Provides Update on Dominion Lending Centres Q2 Funded Mortgage Volumes
CALGARY, Alberta, July 18, 2018 (GLOBE NEWSWIRE) -- (TSX-V:FCF) - Founders Advantage Capital Corp. (the “Corporation”) is pleased to report that funded mortgage volumes for its investee Dominion Lending Centres (“DLC”) for the three and six months ended June 30, 2018 were $9.200 billion and $16.214 billion, respectively, compared to funded mortgage volumes of $8.548 billion and $15.318 billion for the three and six months ended June 30, 2017. The Corporation owns a 60% interest in DLC, which is the largest mortgage brokerage firm (by volume) in Canada.
Stephen Reid, President and CEO commented: “DLC continues to surpass our expectations in today’s real estate market as they had a great start to the year in Q1 and continued that momentum into Q2. Q2-18 funded mortgage volumes are up 7.6% when compared with the same period in 2017. Management believes that these results demonstrate the resilience of the DLC franchise.”
The following figure highlights DLC’s quarterly and YTD funded mortgage volumes in 2018 (quarterly funded mortgage volumes are seasonal as they are based on the seasonal trends in the housing market):
| 2017 | 2018 | Variance (%) | Variance ($) | |
| Q1 – Funded Volumes | $6,769,244,000 | $7,014,054,000 | +3.6% | +$244,810,000 |
| Q2 – Funded Volumes | $8,548,385,000 | $9,199,837,000 | +7.6% | +$651,452,000 |
| 6-Months Funded Volumes | $15,317,629,000 | $16,213,891,000 | +5.9% | +$896,262,000 |
The Corporation anticipates releasing its consolidated financial results for the three and six months ended June 30, 2018 on or about August 21, 2018.
About Founders Advantage Capital Corp.
The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a long-term investment approach. The Corporation has developed an investment approach to create long-term value for its shareholders and partner entrepreneurs (investees) by pursuing controlling interest acquisitions of cash flow positive, premium middle-market privately-held entities. The Corporation seeks to win mandates by appealing to the segment of the market which is not aligned with traditional private equity control, royalty monetizations or related structures. The Corporation's innovative platform offers incentives (contractually) for growth in favour of our partner entrepreneurs. This unique platform is designed to appeal to entrepreneurs who believe in the growth of their businesses and who want the added ability to continue to manage the business with a long-term partner.
The Corporation's common shares are listed on the TSX Venture Exchange under the symbol “FCF”.
For further information please refer to the Corporation's website at www.advantagecapital.ca.
Contact information for the Corporation is as follows:
Amar Leekha
Senior Vice-President, Capital Markets
403-455-6671
aleekha@advantagecapital.ca
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