As a leading player in small business 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. With a focus on small business firms, a niche but fast-growing market segment, this expansion will enhance opportunities for brokers to service the non-banking sector and provide financing to creditworthy borrowers who typically fall into the category of self-employed and seasoned investors. Continuous and diversified funding is what sets Glasslake apart. Their regional expansion empowers brokers in the West with the confidence and support to navigate the complexities of this small and rapidly evolving trading sector. West Coast Welcomes Glasslake: Changing the Lending Landscape Since launching into the Mortgage Brokerage Network in January 2023, Glasslake has proven to be a reliable source of funding for small commercial and residential mortgages in Ontario. The company has excelled in meeting the needs of those in the secondary markets, while highlighting its dedication to providing comprehensive financial services. Driven by a desire to serve niche clients 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 outside of major metropolitan areas. Exploiting Unexplored Opportunities in Small Business Lending At the core of Glasslake’s business model and high priority list, focus is small business lending. The company has identified a huge gap in the market where the needs of small business scenarios are largely unmet. While the majority of lenders focus on the large residential or 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 streamlined approach to serve this sector. The opportunity in this area is vast for both brokers and clients. With lending thresholds starting at $200,000, going up to $3 million, Glasslake provides an accessible gateway for those seeking to invest in the small business arena. For brokers, this reveals a new client base that may already be in their databases including eager investors who have been overlooked by the industry’s focus on larger commercial ventures. By shifting focus to small business lending, brokers can diversify their portfolio and broaden their reach. By prioritizing small business lending, Glasslake not only fills a void in the market, but also promotes a win-win situation for brokers, clients, and the company itself. Serving non-bank customers in Western Canada in secondary markets Expansion into Alberta and British Columbia (BC) marks an important turning point in the growth of Glasslake and its commitment to providing specialized financing solutions for non-bank markets. Statistics Canada’s 2023 report reveals that more than 32% of apartments and homes outside urban areas in British Columbia are owned by investors, the highest amount out of all the provinces included in the research, highlighting the huge untapped potential for capital in Columbia’s secondary markets. British. This statistic underscores the importance of alternative lending solutions for investors who may not fit the mold of traditional borrowers. By catering to this large segment of investors, Glasslake can play an important role in supporting and promoting the growth of non-traditional borrowers in the region through its 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 enabling brokers to more effectively serve their small business clients – a task of great importance to the company. Expansion Empowering Brokers with Inclusive and Sustainable Non-Bank Financing Options: The expansion of British Columbia and Alberta opens up a wealth of benefits for brokers and their customers, transforming the lending environment in several ways. By providing access to alternative lending options, Additional Financing Option meets the needs of those who may have been overlooked by traditional lenders, effectively closing the financing gap for small business and residential mortgage loans. This innovative approach enables brokers to better serve their clients. Glasslake’s commitment to a streamlined approach to underwriting helps brokers deliver straightforward solutions that meet their clients’ specific needs. With multiple qualification options and a flexible product range, brokers can help clients achieve improved results, fostering a more collaborative and successful partnership. This expansion paves the way for brokers to expand their networks and forge meaningful relationships with fellow industry professionals. We are excited to forge meaningful relationships with brokers looking to expand their business product offerings in the alternative lending space. As we expand into Western Canada, brokers and their clients will undoubtedly reap the benefits of our sustainable and diversified financing, filling a significant gap in the current alternative market. – Glasslake President, Mike Forschi Simplicity is the most important thing Glasslake distinguishes itself in the market by adopting a seamless and simple approach to underwriting, unlike most lenders that rely on cookie-cutter policies and bloated onboarding processes. The company is committed to going back to basics in its approach and products and services, and placing human intelligence at the core of its operations.This strategy ensures a seamless and straightforward deal-closing experience for both brokers and clients, keeping them ahead of their competition.As part of this expansion, Glasslake has planned to launch exclusive events across the region in July.The company is also planning more Events to further showcase its innovative solutions and services, reinforce its commitment to the lending sector and help brokers stay competitive Brokers interested in exploring new opportunities with Glasslake are encouraged to contact a regional sales representative Visit glasslake.ca/contact/ to work with the Canadian lender
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