Citadel is California bound first – headquartered in the heart of L.A.’s financial district
This article was produced in partnership with Citadel Mortgages.
Desmond Devoy, of Canadian Mortgage Professional, sat down with Tristan Kirk, principal broker/managing partner at Citadel Mortgages to find out more about the company’s plans to expand into the United States.
Citadel Mortgages is California-bound, looking to jump into the American mortgage market.
The company will be holding a soft launch in November, with a full launch planned for February, around the time of the company’s sixth anniversary. The American branch will be a completely separate brand with its own office in the heart of the financial district in Los Angeles, as the base of operations. Citadel plans to have as many as 20 satellite offices in different states.
Citadel is eyeing states like Texas, Nevada, Virginia, and Florida, as their next locations after their California start, with a goal of having a presence in 27 states.
(The new company’s name will be unveiled in November at their exclusive launch event.)
Members of the Canadian team will be taking a break from our frigid winters to start brokering deals down south, “to learn the business down there,” said Tristan Kirk (pictured), principal broker/managing partner, Citadel Mortgages. Once things are established in Los Angeles, “we’ll look at bringing out a loan officer in every state we’re in,” he said.
The idea for an American expansion started shortly after the company opened. Along with their plan to expand into the Australian market, those US plans were put on hold because of the pandemic.
“We’re excited about going in right now,” said Kirk. “There’s opportunities that are there and if you’re hungry and you’re willing to put in the work and the effort, no matter the time of year or economic situation, there are opportunities that you should take advantage of.”
While proud of their Canadian roots, Kirk said he always saw Citadel as a global player in the making, and that now was a good time it expand stateside.
One reason to head south was because “it’s getting harder and harder to do mortgages for Canadians here. I don’t think that the government really understands that, what they’re doing, is messing up the process for Canadians,” he said. “Until they (the government) loosen up a bit and try to help Canadians own homes, we’re really strapped with what we can do up here. You’re seeing a lot more Canadians going south of the border looking to buy real estate for themselves or as investment properties, because the housing prices are relatively a lot lower.”
A five-bedroom, four-washroom, three-car garage home in Nevada can be yours, for example, for the price of $350,000 US.
“There’s a huge opportunity to help Americans,” he said, especially considering the level of help that the American government offers to first time buyers with the FHA program.
The new subsidiary intends to help fellow Canadians looking to buy in the states, assisting them not just with mortgages but also referrals to trusted accountants and lawyers.
“I’m looking forward to this expansion,” said Kirk. “There are boundless opportunities awaiting us at every turn, inviting us to grasp them and establish life-changing encounters for our fellow Canadians and our new friends in America. United, we will not only unravel the intricacies of cross-border investments, we will also lay a firm foundation for building generational wealth for individuals on both sides of the border.”