Eastern Light Capital, Incorporated, a real estate investment trust (REIT), operates as a specialty mortgage finance company in the United States. As of December 31, 2010, the company’s investments were primarily high loan-to-value, collateral-oriented, non-conforming residential mortgage loans with limited secondary market appeal. The company holds licenses to originate residential, multi-family, and commercial mortgage loans in California. Its mortgage loans include mortgage servicing rights. Any mortgage loan sold by the company is sold with the loan’s mortgage servicing rights released. The company does not separately acquire or maintain servicing rights. Loan servicing includes collecting and remitting loan payments, making required advances, accounting for principal and interest, holding escrow or impound funds for payment of improvement holdbacks, interest, taxes and insurance, if applicable, making required inspections of the mortgaged property, contacting delinquent borrowers and supervising foreclosures and property dispositions in the event of unremedied defaults. The company services its own loans. Tax Status The company qualifies as a REIT for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. History The company was founded in 1995. It was formerly known as Capital Alliance Income Trust, Ltd and changed its name to Eastern Light Capital, Incorporated in 2008.
eastern light capital inc (ELCI:OTC US)
100 Pine Street
San Francisco, CA 94111
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