Alternative mortgage lender VFC Home Inc. and TD Canada Trust's indirect lending business will join together and operate under a new name, TD Financing Services, starting November 16.
"With both TD's and VFC's knowledge, expertise and presence in the point-of-sale financing space, TD Financing Services has a significant opportunity to expand and drive growth," said Erik de Witte, president of TD Financing Services. "The combined business will also provide seamless loan decisions to our business partners and improve the financing experience for consumers."
TD Bank launched VFC Home, which targets non-prime borrowers who can't qualify under mortgage insurance guidelines, in February. The company lends in Ontario, B.C., Manitoba, Saskatchewan and Atlantic Canada and works through the mortgage broker channel. Anne Albani-Dolson, the company's national sales director, mortgages, said the lender will be launching in Quebec on November 16 and Alberta soon (no date has been set yet).
Under its new brand name, TD Financing Services said it plans to launch automotive and home improvement lending products in January.