Launch. Develop. Replicate. Glasslake Funding kicked off 2023 as a brand new area of interest funder within the Canadian market.

They set out with a transparent imaginative and prescient to fill a market hole by way of delivering liquidity and simplified qualifying strategies on small business and residential mortgage wants.

As Glasslake displays on its journey since its launch, it’s clear the corporate isn’t simply getting began; it’s actively working in direction of artistic options that may change entry to funding for mortgage brokers and their purchasers.

Right here’s what it’s best to learn about Glasslake’s inaugural yr as an institutionalized funder within the Canadian various mortgage business:

Setting sail: A daring begin in 2023

In January 2023, Glasslake Funding kicked off its journey within the Canadian mortgage scene, by way of the mortgage dealer channel. What’s their secret sauce? Palms on angle. A defining characteristic of Glasslake’s strategy is its collaborative effort with mortgage brokers, preserving the service they supply, together with their steady dedication to refining their enterprise on the forefront of their priorities.

Quick ahead to July, an necessary milestone for Glasslake, as the corporate proudly introduced its enlargement into Western Canada. This strategic transfer not solely expanded Glasslake’s attain throughout Canada but additionally cemented its dedication to supporting non-bank seasoned traders and self-employed purchasers in each populated and unpopulated markets throughout Western Canada. The journey was marked by intentional development and a dedication to serving a broader, but area of interest viewers.

Glasslake’s Successful Streak: Creating an Edge

Velocity and repair above every thing:

• Velocity & effectivity: Swift resolutions are assured with same-day commitments, contingent upon brokers successfully speaking their shopper’s full story and offering the lender with all essential particulars. Their skill to shortly commit on offers additionally permits them to focus on fast or rush closings, supporting their mantra “There are offers to be made at this time.” All of this, mixed with their dealer compensation choices (finder’s price), distinguishes them from different gamers within the non-public section.

• Serving the business: Glasslake values direct communication, believing within the effectivity and effectiveness of conversations over displays. Glasslake prioritizes a human-centred strategy to lending and strives to do proper by the shopper by implementing low, and solely essential charges related to the mortgage. As an alternative of specializing in product pushing or pitches, they as a substitute ask their dealer companions what they want from lenders to enhance their enterprise, and tailor their conversations accordingly.

When brokers name, they get a quick, private response following the Glasslake UP-UP philosophy – Underwriters Decide Up Telephones. When brokers name, Glasslake will reply.

Filling particular gaps available in the market:

• Glasslake is aware of small business: Glasslake excels in navigating small-commercial alternatives, incomes reward as a dependable monetary associate specializing in non-bank loans starting from $200,000 to $5 Million.

• Fostering section power: Via Glasslake’s ample liquidity and steady funding, the corporate empowers the mortgage dealer channel together with third-party originators, injecting sustainable funding and additional bolstering the section as an entire.

• Serving a particular area of interest: The lender has succeeded in addressing the monetary wants of self-employed and investor purchasers, reinforcing its place and experience on this specialised business section. An instance of that is by qualifying seasoned investor purchasers primarily based on the topic property, as a substitute of digging into their a number of different investments.

The corporate goes past conventional {qualifications} with expanded standards:

• No stress take a look at: Glasslake stands out within the mortgage business by going past the everyday necessities relating to approving Residential and Small Industrial loans. A big departure from the norm is the absence of a mortgage stress take a look at for shopper approval. Glasslake opts for an alternate strategy, with a number of methods to qualify the shopper.

• DCSR Qualification: Glasslake makes use of the Debt Service Protection Ratio (DSCR) modeling technique for a number of of their product choices, which prioritizes the evaluation of money movement potential. This implies Glasslake doesn’t depend on conventional revenue verification. Whereas the same old credit score rating is an element for lending, Glasslake additionally takes a extra detailed take a look at the topic property and its skill to generate rental revenue.

There’s a real concentrate on affordability and development:

• Affordability by way of longer phrases & prolonged Amortization: Glasslake stands out in its dedication to creating funding accessible, reasonably priced, and sustainable. One key facet of this dedication is the providing of prolonged amortization phrases, reaching as much as 40 years for residential purchases. This characteristic helps purchasers obtain affordability amidst fee will increase. The lender presents shopper phrases starting from 1 to 7 years, offering choices for these searching for long-term cost stability or short-term funding to permit area till their subsequent monetary resolution.

• No boundaries on location: Glasslake’s distinctive strategy extends to supporting secondary/rural markets, a section usually missed by different monetary establishments. This dedication demonstrates the corporate’s dedication to fostering monetary inclusivity. By venturing into areas which may be untapped by others, Glasslake not solely contributes to the expansion of those markets but additionally showcases its dedication to offering monetary options the place they’re wanted essentially the most.

Learnings and Positive factors: Getting Actual About Development

Reflecting on the previous yr, Glasslake has gained priceless insights which are influencing its present technique. Recognizing the significance of focus, Glasslake understands that it could’t meet each borrowing want for each shopper. As an alternative, the corporate has embraced the conclusion that its power lies in serving its core area of interest, together with:

• Small-commercial mortgages starting from $200,000 to $5 million.
• Purchasers buying residential properties in want of upper LTVs as much as 80%.
• Self-employed purchasers searching for a mortgage primarily based on their said revenue with out financial institution statements.
• Purchasers in secondary/rural markets searching for each residential and small business mortgage loans.
• Affordability for purchasers by way of longer phrases and prolonged amortization as much as 40 years

This focused strategy permits Glasslake to make use of its time and expertise effectively, making certain that purchasers obtain essentially the most appropriate options. If a dealer can be higher served by approaching one other lender for a TDS residential deal, though Glasslake presents options outdoors their area of interest, their precedence is to be clear and trustworthy in guiding their brokers in the best path to seek out the most effective resolution for his or her purchasers.

This perception isn’t simply concerning the previous however a promise to maintain doing issues this manner in 2024. As Glasslake grows, this technique will proceed to information the corporate, making certain its core focus is on the forefront of the enterprise for continued success.

What’s subsequent: Glasslake appears past boundaries in 2024

Staring into the crystal ball, Glasslake gained’t be slowing down in 2024; as a substitute, the corporate is gearing up for an much more necessary journey forward because it prepares to maneuver past boundaries to fix present market gaps for brokers.

The upcoming yr guarantees a deep dive into the corporate’s strengths and insights, mapping out a course for 2024 with the identical unwavering dedication to supporting brokers.

The thrill for brokers doesn’t cease right here. Glasslake’s imaginative and prescient for the long run goals to construct on its present momentum by constantly offering reasonably priced and accessible funding options for non-bank purchasers in main and secondary markets. This dedication is designed to help brokers in diversifying their portfolios, particularly within the face of challenges within the present market.

Rooted in a human-centric strategy, Glasslake takes satisfaction in its folks, and inner tradition. They’ve established and actively nurture an entrepreneurial atmosphere, evident of their strategy to management and every day operations. Glasslake can be on a mission to streamline funding by way of its expanded set of standards, making certain that the expertise for brokers and purchasers stays nothing in need of customized, reasonably priced, and seamless – dwelling as much as their clean and easy funding and underwriting course of.

Let’s work collectively to make offers occur.
There are offers to be made at this time.
Go to glasslake.ca/contact/