With an opportunity to elevate the non-bank/alternative sector, Glasslake crafts focused mortgage products to address tightening credit and liquidity challenges for borrowers.
TORONTO, March 1, 2023 /CNW/ – Head quartered in Toronto, Ontario, Glasslake Funding ULC (“Glasslake”), a wholly-owned subsidiary of Bayview Asset Management, LLC (“Bayview”), announces their entrance as a steadfast funder for small commercial and residential mortgage loans across Canada.
Glasslake is led by a team of alternative mortgage lending experts who have significant experience navigating risk and adapting to ever-changing markets. “Bayview is excited to be back in the Canadian market, supporting borrowers with simple, innovative products” said Greg Geiling, Co-COO of Bayview. “We have assembled an experienced team at Glasslake and are excited about the opportunity to grow our alternative credit portfolio within the resilient Canadian economy” Geiling continued.
The Company’s business model focuses on serving niche client segments, such as seasoned investors, small and medium-sized business owners, and clients facing uncertainty due to the changing regulatory environment. “Regulatory tightening continues to reduce financing options for credit-worthy borrowers,” said Mike Forshee, President of Glasslake. “These borrowers need access to alternative funding and have shown strength through challenging economic cycles. As this pool of borrowers continues to grow, we can support them by injecting liquidity and expanding product offerings.”
Glasslake is teaming up with mortgage brokers as their primary product distribution channel. It has become clear that expert guidance for mortgage borrowers is paramount to sound decision-making for short and long term financial success.
The name, Glasslake, represents the mission to deliver a seamless funding experience – similar to a glass-lake effect. Smooth, reflective and transparent across all waters. Glasslake is grounded in a human-centered approach to deliver simple customer experiences.
Glasslake Funding ULC is a wholly-owned Canadian subsidiary of Bayview Asset Management, LLC — an investment management firm with $15.0BB in AUM as of December 31, 2022, focused on investments in mortgage and consumer credit, including whole loans, asset backed securities, mortgage servicing rights, and other credit-related assets. Founded in 2022, Glasslake Funding serves the investment needs of seasoned investor clients through commercial and residential lending. Glasslake is a balance-sheet lender with two key lines of business —a correspondent business for third-party origination funding and, a wholesale business which is direct-to-clients through the broker channel.
