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