Q&A: A stepping stone for struggling borrowers
Dan Pauls, Magenta’s sales manager for Southwestern Ontario, was recently interviewed by CMP magazine on the company’s niche in the alternative mortgage space.
“The majority of our borrowers today have good credit, but non-traditional income sources. What we offer is a stepping stone that helps them move upmarket to B lenders, and then eventually to A lenders. In most cases, people need a short-term solution.
Indeed, many of them have good credit and might have been with traditional lenders in the past. It’s just that their income situation has changed. Maybe they’re newly self-employed, or maybe they’ve just started a new job, or maybe they have multiple part-time jobs. We’re happy to step in and help out in the short term.”