Westboro Mortgage Investment Fund
Managed by Westboro Management Ltd.
Data as of: June 30, 2026 · View latest fund facts
This review is compiled by WOWA for informational purposes only and is not investment advice, an offer, or a solicitation. Figures are drawn from the manager's published materials as of the dates shown and may change. Returns are historical and do not guarantee future results. Verify all details with the manager or a licensed advisor before investing.
AUM
$566M CAD
2025 return
9.4%
LTV
64.1%
Management fee
2%
About Westboro Mortgage Investment Fund
Westboro Mortgage Investment Fund is a private Ontario-focused mortgage investment corporation specializing in residential first-position mortgages. Founded in 2004 with aim to address a gap in the Ottawa private mortgage market, the fund has since expanded its lending footprint across Ontario. It maintains conservative loan-to-value ratios and a high first-mortgage concentration. Units are eligible for registered plans including RRSP, RRIF, RESP, and TFSA.
The fund reports approximately $566M CAD in assets.
The portfolio is predominantly composed of first mortgages.
The latest annual return declined from 10.3% in 2024 to 9.4% in 2025.
The portfolio is concentrated in Residential mortgages.
The portfolio is highly concentrated in Ontario.
At a glance
| Assets under management (AUM) | $566M CAD |
| 2025 return | 9.4% |
| Overall LTV | 64.1% |
| First mortgages (as a % of the portfolio) | 92.9% |
| Property focus | Residential (90%) / Construction (9%) / Commercial (1%) |
| Structure | Private Corporation (MIC) |
| Investor access | Available to individual investors |
Westboro Mortgage Investment Fund portfolio and performance
The portfolio is composed of residential mortgages (90%), construction mortgages (9%) and commercial mortgages (1%).
| Property Type | Share (%) |
| Residential | 90% |
| Construction | 9% |
| Commercial | 1% |
Westboro Mortgage Investment Fund has a focus on Ontario, with 99.5% of its mortgages located in Ontario, followed by Quebec (0.5%).
| Province/Region | Share (%) |
| Ontario | 99.5% |
| Quebec | 0.5% |
Westboro Mortgage Investment Fund returns
| Calendar year | Net return |
| 2023 | 9.8% |
| 2024 | 10.3% |
| 2025 | 9.4% |
Westboro Mortgage Investment Fund facts
Fund structure
| Structure | Private Corporation (MIC) |
| Manager | Westboro Management Ltd. |
| Series | F |
| Latest data | June 30, 2026 |
Mortgage portfolio
| First mortgages | 92.9% |
| Overall LTV | 64.1% |
| Property focus | Residential |
| Leverage | Yes, the fund uses leverage. This means the fund borrows additional money and combines it with investor capital to fund more mortgages. Leverage can increase returns when the portfolio performs well, but it also adds interest costs and can magnify losses. |
Fees
| Management fee | 2% |
| Performance fee | No |
Additional fund details
The portfolio contains 1,173 mortgages with an average loan size of approximately $482,000 and an average mortgage interest rate of 8.28%. The fund also has access to a $260 million line of credit, with TD acting as agent and RBC as co-lead. Westboro Mortgage Investment Corp. is offered through limited partnership, trust and corporate structures rather than solely as a mortgage investment corporation. Kensington Capital owns a 30.37% interest in Westboro Management Ltd. The reported 2026 return of 8.25% is an annualized year-to-date figure.
Who can invest in Westboro Mortgage Investment Fund?
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $50,000.
About Westboro Management Ltd.
Westboro Management Ltd. is an Ottawa-based mortgage investment manager founded in 2004 with over two decades of experience in Ontario residential mortgage lending. The firm manages a single MIC focused on first-position residential mortgages. Audited annually by KPMG, Westboro distributes through registered exempt market dealers to accredited investors and has delivered positive returns for 21 consecutive years under President Derek Serra.
Frequently asked questions
It invests in residential mortgages.
The fund reports a weighted-average LTV of 64.1%.
Yes. It is available to individual investors.
The fund is managed by Westboro Management Ltd..
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