Glasslake Funding ULC Expands, Taking Non-Bank Small Commercial Financing to Western Canada

TORONTO, July 17, 2023 /CNW/ - Toronto-based Glasslake Funding, ULC ("Glasslake"), a wholly-owned subsidiary of Bayview Asset Management, LLC ("Bayview"), is excited to announce its strategic expansion into Alberta and following closely, British Columbia. This significant move amplifies Glasslake's footprint across Canada and deepens its commitment to support non-bank seasoned investor and self-employed clients in Canadian emerging markets.

Since its launch to the mortgage broker network in January 2023, Glasslake has been a reliable funder specializing in small commercial mortgage loans across Canada. Driven by the desire to serve niche clientele in various regions, the company is expanding westward into both primary and secondary markets, often overlooked by alternative or private lenders who dedicate the majority of their focus on the Greater Toronto Area (GTA), Greater Vancouver Area (GVA) or other urban areas.

The company has arranged exclusive launch events on July 19th in British Columbia and July 24^th in Alberta to present Glasslake to a select group of brokers. Additional events are in the pipeline to reinforce the company's presence and cultivate valuable connections within the industry.

Glasslake's President, Mike Forshee, expressed his enthusiasm for forging strong connections with brokers interested to discover more about the company. "We are eager to build meaningful relationships with brokers interested in expanding their product offerings in the alternative lending space," said Forshee. "Our expansion into Western Canada will undoubtedly benefit brokers and their credit-worthy clients, as we strive to provide diversified funding for their niche clients and help fill a much-needed gap in the market."

The company sets itself apart in the market by embracing a simplified approach to underwriting, in contrast to most lenders who are bound by more rigid policies and qualifications. Glasslake's commitment is to return to the fundamentals in their approach, products, and service, placing human thought and consideration at the core of their operations. This strategy ensures a smooth and straightforward deal completion experience for both brokers and clients, setting them ahead of their competition.

As Glasslake broadens its reach nationwide, the focus extends beyond mere business growth. The firm is dedicated to establishing mutually beneficial connections with brokers, backing them in scaling their operations, and offering simplified lending solutions suitable for their clients' specific needs.

Glasslake Funding, ULC is a wholly-owned Canadian subsidiary of Bayview Asset Management, LLC, an investment management firm with $15.8 billion in assets under management as of March 31, 2023. Bayview focuses on investments in mortgage and consumer credit, including whole loans, asset-backed securities, mortgage servicing rights, and other credit-related assets. Established in 2022, Glasslake Funding serves the investment needs of seasoned investor clients through commercial and residential lending. As a balance-sheet lender, Glasslake operates two key lines of business—a correspondent business for third-party origination funding and a wholesale business that caters directly to clients through the broker channel.

SOURCE Glasslake Funding, ULC

Contact Ruvani Henriques, VP Marketing & Communications, 416.457.8648, [email protected]; Mike Forshee, President, 647.863.8834, [email protected]