Halifax-based Atlantic Signature Mortgage and Loan hopes to launch nationally to provide borrowers with mortgages when they can’t obtain them from traditional banks and financing institutions.
Tim Moore, president and CEO, is currently in talks with people in other provinces interested in expanding operations.
“This actually probably has more potential than any other business I’ve been involved in,” said Moore, who founded Premiere Executive Suites, a luxury home rental company, in Halifax in 1999. “We’re going to become a national player very shortly. We hope to make announcements in the near future that we’re going to be in Toronto and Calgary.”
As an alternative lender, Atlantic Signature interest rates start at 10 per cent and can be higher “depending on their situation,” said Moore. Most are also yearly contracts. The company’s highest mortgage rates range from 14 to 15 per cent.