8Twelve Surpasses $100MM in funded private mortgages
TORONTO, Dec. 01, 2022 (GLOBE NEWSWIRE) — 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is proud to announce that its private mortgage lending division has crossed a milestone of $100MM in funded private mortgages! A significant achievement given the company only recently celebrated its 4-year anniversary.
8Twelve’s private lending focuses on solving short-term funding problems with clear-cut exit strategies, thus increasing a borrower’s alternatives to refinance their private mortgage at or before maturity. This heavy focus on “exit strategy” has led to successful outcomes for all parties involved.
“I’m proud to say that after funding over $100MM of private mortgages, we have never had to put a for sale sign on a borrower’s front lawn due to a mortgage default,” says CEO, Gary Fooks. “Zero. We’ve done zero power of sales. This works well for our borrowers and our investors, leaving both parties satisfied with the transaction.”
By identifying the best possible mortgage from Canada’s largest marketplace of the bank, alternative, and private mortgage products, 8Twelve is a one-stop financing solution for all mortgage needs. Through 8Twelve’s proprietary high-volume originations engine, INFIN8, the Company can ensure borrower suitability in the private mortgages it funds. The platform’s competitive advantage is providing the much-needed visibility to successfully exit these private mortgages at maturity.
These two driving principles: 1) solving a short-term problem and 2) ensuring a proper exit strategy, have shaped 8T’s culture and offerings.
“Our goal is to immediately solve the borrowers’ short-term financing needs and to quickly migrate them to a better-suited, traditional long-term financing solution. When it comes to private lending, we do not think of private mortgages as a sustainable long-term funding solution for our borrowers,” says Director of Business Development Steve Totani. “We are delighted when we see our clients exit their private mortgage into a conventional one. It reinforces our values and reaffirms that we’ve served our purpose of meeting their short-term financing needs. As we like to say, every mortgage has a story; what is your story?”
About 8Twelve Financial Technologies
8Twelve is transforming the home financing experience by providing consumers with one convenient platform to solve all their mortgage needs. Gone are the days of needing to search for a mortgage through multiple providers such as banks, mortgage brokers, and private lenders. Borrowers can now access Canada’s largest selection of mortgages in one convenient marketplace. 8Twelve’s proprietary cloud platform INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible financing solution in the Canadian market (from over 65 lenders and over 7000 mortgage products).
CONTACT: Rick McLaughlin Email: [email protected]
