The move expands the lender's service and makes it more versatile than ever, says executive
This article was produced in partnership with Strive
Fergal McAlinden, of Canadian Mortgage Professional, spoke with Marty Frenette, president & CEO of Strive, about the company’s move into the alternative lending space and what it means for mortgage brokers and their clients.
Mortgage lender Strive is expanding into the alternative space, a move its president & CEO Marty Frenette (pictured) described as one that reflects the company’s founding goal to become a comprehensive lender partner offering a full suite of products and services for brokers and borrowers.
The new venture marks the latest step in an eventful debut year for the company, which has already seen recognition as a 5-Star Mortgage Employer and lender with 5-Star Mortgage Products in Canadian Mortgage Professional’s annual awards.
Frenette said the launch of the alternative product, titled Aspire, added even more versatility to Strive’s array of lending options.
“We initially embarked on this journey as an insured/insurable boutique-style lender,” he told CMP. “Since then, we have experienced significant growth in the prime market.”
“Now, with the introduction of Aspire to our product lineup, we can not only maintain our commitment to offering competitive rates and sensible options to our clients, but also forge stronger connections with our exceptional network of broker and industry partners.”
Company unveils suite of new products in alternative space
In addition to Prime, the company’s product range now includes traditional alt-A lending (both B-20 and non-B20 compliant) and private-style lending, allowing it to meet a range of client requirements from low-document solutions to holdcos.
Ongoing regulatory interventions have highlighted a significant portion of strong, well-qualified Canadians who continue to be underserved by existing lending options, Frenette said, with qualification criteria having tightened considerably in recent times.
Strive is set to bring the “logical and practical approach” of the company’s Prime business to its Aspire line, a strategy that’s clearly set it in good stead throughout its rapid rise to date.
“The same approach that has yielded success for our Prime product offering remains a cornerstone for Aspire, reflecting practicality in our product guidelines,” Frenette said. “Backed by extensive experience in regional markets, we are confident in providing competitive solutions for both urban and rural areas across the country.”
Traditional alt-A options are currently offered by Strive in Ontario, with private-style lending available in Nova Scotia, Ontario, Alberta, and British Columbia. Further expansion plans, according to Frenette, involve nurturing and expanding those products across Canada with alt-A being introduced in British Columbia and Alberta by end of year.
The company expects to roll out more products in the alternative space including its Rental offering, focusing on property strengths and associated rents and catered towards small rental portfolios, short-term rentals, and student housing.
Its business-for-self (BFS) product, meanwhile, offers qualifying options such as contract rate qualifiers, extended debt servicing, and amortization, with bridge financing also provided subject to qualification and a low-doc rental product under Aspire Advantage allowing borrowers owning multiple rental properties to finance investments using limited documentation and a debt service coverage ratio (DSCR) approach.
A strong and productive relationship with brokers and agents
Asked whether Strive had a message for Canada’s broker community, Frenette paid tribute to the connections forged between the company and brokers in a relatively short space of time and said the best was yet to come.
“We have experienced remarkable momentum in the past couple of months, and we’re grateful for your support or recommendations,” he said. “This is only the beginning of an exciting journey ahead for us, and we cannot wait to share more as we look to expand our reach in products and in regions.
“Stay connected through our 15-minute chats with our Aspire representatives and keep a close eye on your emails for exciting developments as we expand our alternative lineup,” he added. “Your support has been instrumental in our journey, and we thank you, again, for being a part of it.”
Marty Frenette is president & CEO of Strive at Strive, a mortgage lender based in Canada.
