B2B Bank announced Thursday it has expanded its product offering to include two new alternative lending programs designed for clients who do not fit into traditional income profiles.
"Our extended range of mortgage loan programs builds on our commitment to mortgage brokers and will support them in building their business by giving them access to solutions that provide an even better fit with the diverse mortgage needs of their clients," François Desjardins, President and CEO of B2B Bank says in an official statement. "In addition to opening up new business opportunities for mortgage brokers, we will continue to offer competitive rates and a quality service experience."
The alternative lending options join B2B Bank’s traditional insured and conventional mortgage products.
Alternative lending has become an increasingly important offering among Canadian brokers, with many businesses now shifting their focus to this segment.
“I … believe that those who embrace the regulatory changes that have occurred in the past two years will reap great rewards,” Albert Collu
, president of Mortgage Architects
told CMP in its January Hot List issue. “These rewards will be attained by brokers who have widened their appetite and proficiency of alternative mortgages.”
B2B Bank’s intended market are those Canadians who don’t fit the criteria for traditional A-lending.
“With these mortgage solutions, brokers will be positioned to better serve borrowers such as those that are in business for self, new professionals, clients earning a secondary income, borrowers on the road to rebuilding their credit profile, and those clients who are unable to provide all the documentation required for an insured or conventional mortgage,” the release states.