First National Mortgage Investment Fund now fully invested

TORONTO, May 16, 2013 /CNW/ - First National Mortgage Investment Fund (TSX: 
FNM.UN) (the "Fund") today announced that as of the end of April, it had fully 
invested the $54.8 million net proceeds of its initial public offering in a 
diversified portfolio of mortgages secured by income-producing properties 
across Canada. 
The Fund also reported that it has successfully closed a financing facility in 
the amount of $10.0 million that will be employed to fund additional mortgage 
assets and further enhance the Fund's yield, which was originally targeted at 
6% based on the issue price of $10 per unit (pre-tax equivalent of 8.77%). The 
average interest rate on mortgages (excluding mortgage origination fees) is 
currently in excess of 8.0%; including mortgage origination fees, the yield is 
currently in excess of 9.0%. 
Since inception on December 19, 2013, the Fund has paid regular monthly 
distributions at the prescribed rate of $0.05 per unit, which, at yesterday's 
closing price per unit of $8.85, represents a yield of 6.78%. 
"After closing our IPO in December, we have moved strategically to obtain 
economic exposure to an attractive portfolio of mortgage assets originated 
in-house by First National Financial LP," said Jeremy Wedgbury, Managing 
Director, Commercial Mortgages, First National Financial Corporation. "Now 
that we are fully invested, we are well positioned to deliver our dual 
mandates of providing unitholders with tax-advantaged monthly cash 
distributions while preserving capital. Leverage from the financing facility 
will bolster the Fund's yield potential. We will aim to utilize excess yield 
to grow the Net Asset Value of the Fund." 
The Fund now holds 25 loans with an average loan amount of $2.3 million and a 
conservative weighted average loan-to-value ratio of 70.1%. The Fund has 
chosen to allocate capital in favour of mortgage loans on multi-unit 
residential properties (55.4% of the portfolio), but also to gain exposure to 
industrial (25.1%) and retail (10.0%) properties as well as land (9.5%) for 
In keeping with the Fund's mandate to limit second or lower-ranking mortgages 
to 40% or less, approximately 74.3% of the portfolio consists of 1(st) 
mortgages, 24.3% are 2(nd) mortgages and the remainder are 3(rd). 
About First National Mortgage Investment Fund 
The Fund was created to obtain economic exposure to a diversified portfolio of 
mortgages originated by First National Financial LP, a wholly owned subsidiary 
of First National Financial Corporation. The Fund's daily net asset value 
can be found at
About Stone Asset Management Limited 
Stone Asset Management Limited ("SAM") is the manager and portfolio manager of 
the Fund. SAM manages a family of open-ended mutual funds, a series of 
flow-through limited partnerships and a TSX-listed investment fund. SAM 
specializes in structuring and managing high quality investment products and 
currently has approximately $700 million in assets under management. 
About First National Financial Corporation 
First National Financial Corporation (TSX: FN) is the parent company of First 
National Financial LP, a Canadian-based originator, underwriter and servicer 
of predominantly prime residential (single-family and multi-unit) and 
commercial mortgages. With over $67 billion in mortgages under administration, 
First National is Canada's largest non-bank originator and underwriter of 
mortgages and is among the top three in market share in the mortgage broker 
distribution channel. For more information, please visit  
Robert Inglis Chief Financial Officer First National Financial Corporation 
Tel: 416-593-1100 
Ernie Stapleton Fundamental Tel: 905 648 9354 
SOURCE: First National Mortgage Investment Fund 
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CO: First National Mortgage Investment Fund
ST: Ontario
-0- May/16/2013 18:24 GMT
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