Coming up as a leading player in small commercial lending, Glasslake is charting a new course as part of its strategic expansion. Recognizing the growing demand and potential in the non-bank mortgage sector, Glasslake aims to bring its successful model from Ontario to Western Canada, starting with Alberta and British Columbia.
Concentrating on small commercial businesses, a niche yet rapidly growing market segment, this expansion will enhance opportunities for brokers to service the non-bank sector and provide funding to credit-worthy borrowers who typically fall into the self-employed and seasoned investor category.
Continuous and diversified funding is what sets Glasslake apart. Their regional expansion empowers brokers in the West with confidence and support to navigate the complexities of this rapidly evolving small commercial sector.
West Coast welcomes Glasslake: Changing the lending scene
Since its launch to the mortgage broker network in January 2023, Glasslake has proven to be a dependable source of funding for small commercial and residential mortgage loans in Ontario. The company has excelled in catering to the needs of those in secondary markets, highlighting its dedication to providing inclusive financial services.
Driven by the desire to serve niche clientele such as seasoned investors, and self-employed clients in various regions, the company is expanding westward into both primary and secondary markets, to help reach lending needs beyond major urban areas.
Harnessing unexplored opportunities in small commercial lending
At the core of Glasslake’s business model and high-priority list is a focus on small commercial lending. The company has pinpointed a significant market gap where the needs of small commercial scenarios are largely unmet. While the majority of lenders concentrate on residential or large commercial sectors, Glasslake identifies untapped potential within the small commercial sector. This sector is the mainstay of its operations, and it has consciously chosen a simplified approach to serve this segment.
The opportunity in this area is vast for both brokers and clients. With lending thresholds starting as low as $200,000, and as high as $3 million, Glasslake provides an accessible gateway for those seeking to invest in the small commercial arena.
For brokers, this unveils a new client base that may already be in their databases including eager investors who have been overlooked due to the industry’s emphasis on larger commercial ventures. By shifting the focus to small commercial lending, brokers can diversify their portfolio and extend their reach. With its prioritizing on small commercial lending, Glasslake not only fills a market void but also fosters a win-win situation for brokers, clients, and the company itself.
Serving Western Canada’s non-bank clients in secondary markets
Expanding into Alberta and British Columbia (BC) marks a significant turning point in Glasslake’s growth and commitment to providing specialized funding solutions for non-bank markets.
A 2023 Statistics Canada report unveiled that over 32% of condos and houses outside of the urban areas in BC are owned by investors, the highest amount of all the provinces included in the research, highlighting the vast untapped potential for capital in BC’s secondary markets. This statistic emphasizes the importance of alternative lending solutions for investors who might not fit the mold of conventional borrowers. By catering to this substantial investor segment, Glasslake can play a crucial role in supporting and fostering the growth of unconventional borrowers in the region through the mortgage broker channel.
By offering solutions tailored to the unique needs of brokers and borrowers, the company is proud to expand West to continue its support of Canadian mortgage brokers. This approach cultivates a symbiotic partnership within the non-bank lending landscape by empowering brokers to more effectively serve their small commercial clientele —a mission that holds significant importance for the company.
Expanding to empowering brokers with inclusive & sustainable non-bank funding options
The British Columbia and Alberta expansion unlocks a wealth of advantages for brokers and their clients, transforming the lending environment in several ways. By providing access to alternative lending options, an additional funding option addresses the needs of those who may have been overlooked by traditional lenders, effectively bridging the funding gap for small businesses and residential mortgage loans. This innovative approach empowers brokers to better serve their clients.
Glasslake’s commitment to a simplified approach to underwriting helps brokers to present straightforward solutions that cater to their clients’ specific needs. With multiple qualifying options and a flexible product collection, brokers can help clients achieve improved outcomes, fostering a more collaborative and successful partnership. The expansion paves the way for brokers to expand their networks and forge meaningful relationships with fellow industry professionals.
We are enthusiastic about forging meaningful relationships with brokers looking to broaden their commercial product offerings in the alternative lending arena. As we expand into Western Canada, brokers and their clients will undoubtedly reap the benefits of our sustainable and diversified funding, filling a crucial gap in the current alternative market.”
– Glasslake’s President, Mike Forshee
Glasslake: Challenging convention with human-centered funding
By keeping simplicity top of mind, Glasslake sets itself apart in the market by embracing a smooth and simple approach to underwriting, in contrast to most lenders who rely on cookie-cutter policies and bloated qualifying processes.
The company’s commitment is to return to the fundamentals in their approach, products, and service, placing human smarts at the core of their operations. This strategy ensures a smooth and straightforward deal completion experience for both brokers and clients, setting them ahead of their competition.
As part of this expansion, Glasslake has planned exclusive launch events across the region in July. The company is also planning more events to further showcase their innovative solutions and services, reinforcing their commitment to the lending sector and helping brokers stay competitive.
Brokers interested in exploring new opportunities with Glasslake are encouraged to connect with a Regional Sales Representative.
Visit glasslake.ca/contact/ to work with Canada’s get-it-done lender.
