VersaBank has announced that its loan portfolio has surpassed $1.7 billion, breaking all of the institution’s previous records.
David Taylor, VersaBank’s president and CEO, said that significantly increased origination in the bank’s existing primary lending channels, point-of-sale financing, and commercial banking arm was the major driver of this achievement.
“VersaBank is experiencing our most rapid loan portfolio growth in our history in recent months as we redeploy our atypically high cash balances in 2020 following our cautionary stance at the beginning of the pandemic,” Taylor said.
Aside from this intensified activity, VersaBank is also expecting to begin origination in its new lending channel, dubbed Instant Mortgage.
Taylor said Instant Mortgage will incorporate similar technologies used in its successful point-of-sale financing channel. Instant Mortgage is slated to be “a revolutionary high-volume residential financing software app for home and condominium builders and sales brokerage firms that enables ‘on-the-spot’ financing approvals.”
Instant Mortgage will have a particular focus on wealthy newcomers who are looking to buy homes, but have “little or no credit history in Canada.”