The Monthly Income Mortgage Trust has come about as a result of a fifty-year learning curve undertaken by the Goodman family in the private mortgage investment field. It is designed as a capital preservation strategy, which also returns a reasonable amount of monthly income without taking unreasonable risks. It is a diversified investment in the real estate field which is made up of scores of mortgage contracts over largely condominiums, townhome, and single-family dwellings. These mortgage contracts commit the borrower to pay a specific amount of interest, which is guaranteed by what are carefully selected residential properties, which we call liquid properties because they can be readily marketed. These in-turn are backed up by the personal guarantees of the borrowers and in many instances the couple who may own the property. These properties are located largely in Greater Vancouver.
There are a number of different types of units in the trust, some of which distribute income in priority to the common units and due to this fact are projected to pay a slightly lower return. In addition the priority units are more likely to receive their distribution than the common units. See the waterfall diagram and the pie chart to get a better understanding of why the priority units are thought to be more likely to receive their distributions.