8Twelve surpasses $100 million in funded private mortgages after just four years

But that's not what its CEO is most proud of

8Twelve surpasses $100 million in funded private mortgages after just four years

8Twelve’s private mortgage lending division has funded more than $100 million of private mortgages – an achievement made even more monumental by the fact that the company only recently celebrated its four-year anniversary.

Digital mortgage platform 8Twelve Financial Technologies aims to solve short-term funding problems in the private lending market using clear-cut exit strategies. In turn, these exit strategies aim to provide borrowers more alternatives to refinance their private mortgage before maturity.

Read more: How technology continues to change the mortgage game

CEO Gary Fooks (pictured top) was most proud about the fact that even after funding over $100 million of private mortgages, 8Twelve has “never had to put a for-sale sign on a borrower’s front lawn” due to mortgage default.

“Zero – we’ve done zero power of sales,” Fooks said. “This works well for our borrowers and our investors, leaving both parties satisfied with the transaction.”

8Twelve acts as a one-stop financing solution for all mortgage needs. It identifies the best possible mortgage from across Canada’s market of bank, alternative, and private mortgage products and uses proprietary originations tech to ensure borrower suitability in the private mortgages it funds. 8Twelve considered its unique capacity to provide visibility to successfully exit private mortgages at maturity its primary competitive advantage, supported by its driving principles of (1) solving short-term problems, and (2) ensuring a proper exit strategy.

Earlier this year, it was named an excellence awardee in two categories at the 2022 Canadian Mortgage Awards – brokerage of the year and digital innovation in a brokerage.

Read more: How can a brokerage ensure service efficiency?

“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,” director of business development Steve Totani said. “When it comes to private lending, we do not think of private mortgages as a sustainable long-term funding solution for our borrowers. 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?”

What are your thoughts on 8Twelve and its most recent milestone? Share in the comments below.