Profit magazine has once again given the nod to True North Mortgage, naming the expanding brokerage to its annual ranking of Canada’s top new growth companies – a.k.a. its PROFIT HOT 50.
“The firms on Profit's 12th annual ranking of Canada’s Top New Growth Companies not only grew, but grew spectacularly,” reads the a press release announcing this year’s list. “From 2008 to 2010, they averaged a revenue growth rate of 1,050 per cent. Each company on the ranking at least doubled its revenue during that period. What’s more, 82 per cent of the HOT 50 firms turned a profit in their most recent fiscal year.”
True North, ranked No. 41, was one of them, realizing a “167 per cent growth” between 2008 and 2010. During the same two year span it grew revenue to $2.7 million for 2010, up from the $1.0 million it recorded in 2008.
“In five years, this company has grown to be a major player in the Canadian independent mortgage broker market,” writes Profit. “Its secret? Attracting homebuyers to its six high-traffic retail locations with promises of lower interest rates—the result of volume discounts from mortgage lenders. By not paying commissions to staff, it creates a no-pressure sales environment for potential customers.”
The company’s president is preparing to take that formula – in large part relying on the Internet to drive business to up-scale storefronts – to a second Toronto location on Sept. 21. The downtown store, in the city’s underground labyrinth of retail pathways, will be True North’s seventh location and the third added this summer.
In addition to the Profit listing, Eisner earned CMP’s No. 2 spot on this year’s Top 50 Brokers list, among other honours for his aggressive and strategic business plan.
“It is nice to be recognized publicly for building a growing business,” he told MortgageBrokerNews.ca. “Our business model of providing good customer service and really low rates out of retail format has really resonated with Canadians.”
Profit’s Hot 50 are ranked by two-year revenue growth, and verified through financial statement review, according to the leading business magazine, and all growth rates are calculated from base-year revenue of at least $100,000.