Glasslake’s 2023 wrapped: Navigating success and progress

Launch. Increase. 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 via 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 can change entry to funding for mortgage brokers and their shoppers.

Right here’s what you need to find out about Glasslake’s inaugural yr as an institutionalized funder within the Canadian different mortgage trade:

Setting sail: A daring begin in 2023

In January 2023, Glasslake Funding kicked off its journey within the Canadian mortgage scene, via the mortgage dealer channel. What’s their secret sauce? Fingers on angle. A defining function of Glasslake’s method 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 essential milestone for Glasslake, as the corporate proudly introduced its growth into Western Canada. This strategic transfer not solely expanded Glasslake’s attain throughout Canada but additionally cemented its dedication to supporting non-bank seasoned buyers and self-employed shoppers in each populated and unpopulated markets throughout Western Canada. The journey was marked by intentional progress and a dedication to serving a broader, but area of interest viewers.

Glasslake’s Successful Streak: Creating an Edge

Velocity and repair above every part:

  • 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 obligatory particulars. Their means to shortly commit on offers additionally permits them to focus on fast or rush closings, supporting their mantra “There are offers to be made as we speak.” All of this, mixed with their dealer compensation choices (finder’s price), distinguishes them from different gamers within the non-public phase.
  • Serving the trade: Glasslake values direct communication, believing within the effectivity and effectiveness of conversations over shows. Glasslake prioritizes a human-centred method to lending and strives to do proper by the shopper by implementing low, and solely obligatory 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 Choose 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 companion specializing in non-bank loans starting from $200,000 to $5 Million.
  • Fostering phase energy: By means of 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 phase as an entire.
  • Serving a particular area of interest: The lender has succeeded in addressing the monetary wants of self-employed and investor shoppers, reinforcing its place and experience on this specialised trade phase. An instance of that is by qualifying seasoned investor shoppers 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 trade by going past the everyday necessities relating to approving Residential and Small Business loans. A big departure from the norm is the absence of a mortgage stress take a look at for shopper approval. Glasslake opts for another method, 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 standard credit score rating is an element for lending, Glasslake additionally takes a extra detailed take a look at the topic property and its means to generate rental revenue.

There’s a real deal with affordability and progress:

  • Affordability via longer phrases & prolonged Amortization: Glasslake stands out in its dedication to creating funding accessible, inexpensive, and sustainable. One key side of this dedication is the providing of prolonged amortization phrases, reaching as much as 40 years for residential purchases. This function helps shoppers obtain affordability amidst fee will increase. The lender gives shopper phrases starting from 1 to 7 years, offering choices for these searching for long-term cost stability or short-term funding to permit house till their subsequent monetary choice.
  • No boundaries on location: Glasslake’s distinctive method extends to supporting secondary/rural markets, a phase usually neglected by different monetary establishments. This dedication demonstrates the corporate’s dedication to fostering monetary inclusivity. By venturing into areas that could 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 Good points: Getting Actual About Development

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

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

This focused method permits Glasslake to make use of its time and expertise effectively, guaranteeing that shoppers 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 gives options outdoors their area of interest, their precedence is to be clear and trustworthy in guiding their brokers in the suitable route to seek out the very best resolution for his or her shoppers.

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

What’s subsequent: Glasslake seems to be past boundaries in 2024

Staring into the crystal ball, Glasslake received’t be slowing down in 2024; as a substitute, the corporate is gearing up for an much more essential 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 joy for brokers doesn’t cease right here. Glasslake’s imaginative and prescient for the longer term goals to construct on its present momentum by persistently offering inexpensive and accessible funding options for non-bank shoppers 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 method, Glasslake takes satisfaction in its individuals, and inside tradition. They’ve established and actively nurture an entrepreneurial setting, evident of their method to management and every day operations. Glasslake can also be on a mission to streamline funding via its expanded set of standards, guaranteeing that the expertise for brokers and shoppers stays nothing in need of personalised, inexpensive, and seamless – residing 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 as we speak.
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