Lender goes alternative

Lender goes alternative

Lender goes alternative One channel lender’s recently launched alternative offerings are one step further to offering a suite of banking products.

With last year’s mortgage rule changes, there is certainly a growing need for alternative lending solutions – and now brokers have one more lender to send those clients to.

Street Capital’s Street Solutions Mortgage Program does just that; though the program was in the works even before the announcement of last year’s changes, Alfonso Casciato, senior vice president of sales at Street Capital Bank of Canada, told MortgageBrokerNews.ca.

“Our objective when we launched was to introduce a competitive alternative offering” to the market, he said.

The program includes lending solutions aimed at various non-traditional home buyers including; self-employed Canadians, those who have experienced some form of credit impairment, and new Canadians. It also includes a program specifically for rental units.

Originally launched in May of this year in Ontario, Street Capital has begun rolling out its alternative program in Western Canada.

“The launch of the Street Solutions Program is an important milestone in our ongoing commitment to be a customer-centric financial institution and represents a meaningful long-term growth opportunity for Street Capital Bank,” Ed Gettings, Chief Executive Officer of Street Capital Group Inc., said of the program’s launch. “The uninsured segment has become a significant portion of the Canadian mortgage landscape, as successive regulatory changes over the past several years have pushed a growing number of good quality customers out of the prime insured space.

“As as a Schedule I bank, we plan to judiciously add to our product suite in the coming years to better meet the needs of our valued customers and trusted mortgage broker partners. Our focus on credit quality, along with a stable and conservative funding approach, ensures that we are well-positioned to drive substantial value for our shareholders over time.”

According to Stephen Kissuk, VP of mortgage credit, the new program is a great way for brokers who have previously relied on Street for its prime offerings, to also explore its non-prime products.

As well, it offers brokers who specialize in the alternative segment the opportunity to give Street Capital a try.

“It’s a good opportunity for brokers to take a look at Street Capital,” Casciato said.