W for the win: Westboro Mortgage’s new solution a powerful tool in brokers’ private lending toolbox

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W Simple for the win

Westboro Simple, known to brokers familiar with the company as W Simple, launched at the beginning of January 2024 and is designed to complement Westboro Mortgage’s current suite of products. Westboro lends across the province, with Westboro Simple focused on first mortgages in urban areas across the Greater Toronto Area, Eastern Ontario, and Southwestern Ontario. A low document solution, the organization doubled down on rolling out something simple and predictable and the new solution is a great fit for brokers who want to know upfront what the costs will be – no matter how a client’s story unfolds.

For example, a client may submit a file suggesting they’re employed but the broker learns they’re technically self-employed, or the last time the client checked their credit score it was over 680 but now it’s dipped under 600, or in early discussions the client wanted a home for their own use but now indicate it might be a rental property instead. Often, the risk-adjusted pricing for the lender must mirror the story of the deal but, with Westboro Simple, “the pricing is the pricing,” Serra said. 

“For eligible products, brokers can predict what the prices and fees will be as there are no premiums,” he said. “One- and two-year terms are the same rate whatever the loan to value is, owner occupied or rental — the brokers can always rest assured that if they have the client that fits the product, they can predict the outcome.”

Though it’s early days yet, “we’ve had some traffic, and files that suit the product are underway,” said Rabbia Sarder, director, operations & technology.

“We’re grateful to have had a lot of submissions come in and we’re excited to see the product ramp up as the market has,” she said, adding the early 2024 launch was strategic.

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