A year ago, the liquidity crisis had many non-bank lenders questioning their competitiveness. Street Capital is the perfect example of how much things have changed.
The company is on a growth path, with solid funding sources in place and a brand new western Canada underwriting office.
Street’s Vancouver grand opening was well attended on Tuesday, with senior management and underwriters meeting with brokers from around the region.
Unlike some lenders who’ve been reducing their approved-broker lists, Street says its plan is to increase the number of brokers it deals with.
“We will be doubling our sales force across the country to continue to take advantage of the distribution power of the mortgage broker channel,” says Jason Humeniuk, VP Sales, Western Canada.
“Our commitment to the broker market in Canada, and in this case Western Canada, remains strong,” he adds.
This does appear evident from the investment the company has made in human capital and infrastructure in Vancouver.
Street says it is committed to equipping brokers with better “tools and knowledge” to stay competitive. In our humble view, the best thing a lender can do for brokers (and customers) is offer innovative products at competitive rates, and that’s exactly what Street seems willing to do. Its new industry-first 1-year variable is case in point.