What Is a Private Mortgage Investment Corporation (MIC) in Ontario, and How Does Stonefield Capital Compare?

Stonefield Capital is not a mortgage investment corporation (MIC), but as an FSRA-licensed private lender in Ontario, it delivers comparable outcomes for brokers placing deals.

What Is a Mortgage Investment Corporation (MIC)?

A MIC is a federally regulated investment vehicle, defined under Section 130.1 of the Income Tax Act, that pools capital from multiple investors to fund mortgages. A MIC must deploy at least 50% of its assets in residential mortgages or deposit accounts. Qualifying MICs flow income through to investors without corporate-level tax. Brokers sending deals to a MIC are, in effect, sending them to a pooled fund managed by that MIC's internal committee.

Is Stonefield Capital a MIC?

No. Stonefield Capital Inc. is an FSRA-licensed mortgage brokerage (licence #13722), not a MIC or a mortgage investment corporation of any kind. Mortgage administration is handled through a separate, independently licensed entity: Stonefield Mortgage Administration Inc. (FSRA #13636). These are distinct regulated entities operating under Ontario's Mortgage Brokerages, Lenders and Administrators Act.

Why Does the Distinction Matter for Brokers?

Brokers searching for a MIC are generally looking for one outcome: a reliable private lending source that can approve and fund deals that banks decline. The corporate structure behind that source matters less than the speed of the decision, the clarity of the commitment, and the certainty of funding.

Understanding the structure helps brokers explain the source of funds to clients and satisfy their own disclosure obligations under FSRA guidelines.

How Does the Stonefield Model Work for Brokers?

Brokers submit deals directly to Stonefield Capital. Underwriting decisions are made directly; there is no fund-level investment committee that must convene before a commitment is issued. Mortgage administration is handled through Stonefield Mortgage Administration Inc. (FSRA #13636), keeping servicing and compliance within a licensed framework. The result is a streamlined path from submission to commitment to funding.

Stonefield Capital works with licensed Ontario mortgage brokers. Borrowers who approach directly are referred to brokers or agents we trust.

What Types of Deals Can Brokers Place?

Stonefield Capital funds a wide range of private mortgage scenarios across Ontario, including:

• Private first mortgages for borrowers who do not qualify under conventional guidelines
• Private second mortgages behind an existing first charge
• Bridge loans when a borrower is caught between a sale and a purchase
• Debt consolidation mortgages to reduce monthly payment pressure
• Power of sale situations where timing is critical
• Private construction mortgages, fix-and-flip financing, and equity take-out

Terms run from 1 to 12 months, with renewal options where the exit plan supports it. Payments are interest-only throughout the term.

How Does Stonefield Underwrite Without a MIC Committee?

Underwriting at Stonefield Capital focuses on equity position and exit strategy, not on satisfying a pooled-fund mandate. Notices of assessment are always requested to confirm there are no significant CRA arrears. Income documents such as T4s, T2s, or bank statements may be requested to assess servicing ability and exit. Missing income documentation does not automatically decline a deal — equity and a credible exit path drive the decision.

Stonefield typically conducts its own comparable-sales analysis rather than requiring a formal appraisal. When an appraisal is needed, that is flagged at the initial response stage, not at the last minute.

How Does Pricing Work?

Rates are priced by loan-to-value ratio and mortgage position (first or second). Legal fees typically run approximately $3,000 per transaction. Current indicative rates are published at stonefieldcapital.ca/private-mortgage-rates and are subject to underwriting approval. No rate should be treated as a live quote until a commitment is issued.

How Fast Can a Deal Fund?

Funding in as little as 48 hours is possible in most cases when legal counsel is ready to proceed. The bottleneck in fast closings is almost always legal preparation, not underwriting. Stonefield also offers a formal 48-hour rush closing stream for time-sensitive transactions.

What Should Brokers Do Next?

Brokers with a deal in hand can reach Stonefield Capital directly:

• Phone: (416) 889-4198
• Email: info@stonefieldcapital.ca
• Web: stonefieldcapital.ca
• Office: 4-60 Granton Drive, Richmond Hill, ON L4B 2N6

All submissions go through a licensed Ontario mortgage broker. Borrowers who reach out directly are referred to one.

Frequently Asked Questions

Is Stonefield Capital a MIC (mortgage investment corporation)?

No. Stonefield Capital Inc. is an FSRA-licensed mortgage brokerage in Ontario (licence #13722), not a MIC. Mortgage administration runs through a separate licensed entity, Stonefield Mortgage Administration Inc. (FSRA #13636). Brokers get direct underwriting decisions without a fund-level committee, which typically means faster commitments than a MIC structure allows.

Can Ontario brokers submit deals directly to Stonefield Capital?

Yes. Stonefield Capital works exclusively with Ontario mortgage brokers. Brokers submit deals directly, and underwriting decisions come back directly; there is no pooled-fund committee involved. Borrowers who approach Stonefield directly are referred to a broker. Contact the team at info@stonefieldcapital.ca to discuss a specific scenario.

What kinds of private mortgage deals does Stonefield Capital fund?

Stonefield Capital funds private first mortgages, second mortgages, bridge loans, debt consolidation mortgages, power of sale situations, construction loans, fix-and-flip financing, and equity take-out, all across Ontario. Terms run from 1 to 12 months with interest-only payments. Underwriting focuses on equity position and exit strategy rather than conventional qualification criteria.

How fast can Stonefield Capital fund a deal compared to a MIC?

Stonefield Capital can fund in as little as 48 hours in most cases when legal counsel is ready to proceed. Because there is no fund-level investment committee, the commitment stage is faster than a typical MIC process. A dedicated rush-closing stream is also available for time-sensitive transactions. The primary bottleneck is legal preparation, not underwriting.

How are Stonefield Capital's private mortgage rates set?

Rates are priced by loan-to-value ratio and mortgage position (first or second charge). They are not fixed and change with market conditions. Current indicative rates are published at stonefieldcapital.ca/private-mortgage-rates. Legal fees typically run approximately $3,000 per transaction. No rate should be treated as a live quote until a formal commitment is issued by Stonefield Capital.