Alternative lender announces prime offering

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At a time when lenders are increasingly focusing on alternative lending, one major player – known for its alternative offerings – has announced new prime products.

Equitable Bank announced Wednesday the launch of its new “Evolution Suite” of residential prime mortgage products.

Equitable has offered exceptional service for over 40 years as an alternative lender, and now we’re ready to build on this track record in the prime market,” said Martin Beaudry, director of residential mortgage underwriting. “Central to our growth plan is to provide mortgage brokers with the attentive, professional service and responsive support they have come to expect from Equitable Bank.”

The products will first be launched in the GTA before a further rollout to other markets. The suite includes three different products; each focusing on a niche segment and specific client type.

•             investure™ mortgage for investors acquiring or refinancing rental properties
•             welcome2CAN™ mortgage for newcomers to Canada who are buying a home
•             staycation™ mortgage for those purchasing or refinancing vacation or second properties 
 
The announcement reaffirms the lender’s commitment to the broker industry.

“The new Evolution Suite of prime residential products combined with the Bank’s alternative mortgages, will provide enhanced choices for our mortgage broker partners and their clients, “Andrew Moor, president and chief executive officer said. “As a branchless Schedule 1 Bank, Equitable is committed to the broker channel. This launch is an opportunity to greatly extend our relationships with the mortgage broker and homeowner communities in Canada as a more comprehensive financial solutions provider.”
 
  • Angela Wong-Liao - Invis Inc on 2014-09-03 11:52:21 AM

    Wow, I love this innovative new products from Equitable Bank, "The new Evolution Suite" and I am looking forward to the launch. Equitable Trust has grown into a Schedule 1 bank under the strong leadership of Andrew Moor, whom I know when he was the chief executive officer of Invis Inc back in the early 2000. Way to go, Equitable Bank!!

  • RMAI - GTA Broker on 2014-09-04 10:46:59 AM

    Innovatie Angela? lol The product is an attempt of copying Home Trust accelerator product that is already out, but if you read through it not as good pre-payment options or penalties. Give them a hand for coming out with a new product but its far from innovative.

  • Ron Butler on 2014-09-04 11:56:32 AM

    An essential truth of our business is that more suppliers are better, the majority of the time at some point in the business cycle every lender makes a move be it product or pricing to compete to gain business. That is always good for the broker. In this case we are talking about a bank and if their success in "A" business grows they may eventually be able to lend conventionally at prime rates on a non-insured basis and that is a very good thing.

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