Bolstered by decades of experience in the mortgage space, the company is providing residential and commercial solutions across Canada and the US
This article was produced in partnership with CYR Funding
Fergal McAlinden of Canadian Mortgage Professional spoke with Rena Malkah, founder and principal broker at CYR Funding, on the company’s current priorities and its recent expansion into the US market
In challenging times for both the commercial and residential mortgage markets, the value of a seasoned broker to guide borrowers through the process has never been clearer – and with CYR Funding founder and principal broker Rena Malkah (pictured) set to mark 50 years in the industry in 2024, it’s fair to say the executive has steered clients through plenty of market ups and downs over the decades.
That stint in the brokering sector has seen Malkah help homeowners, buyers and investors navigate some turbulent times across half a century, including the market meltdown of the 1980s and the global financial crisis of the late 2000s.
Today’s market is one that’s full of its own steep hurdles for borrowers, with high interest rates and fluctuating home prices creating much uncertainty throughout the year to date.
“The market is very challenging this year, mainly due to all the increases in interest rates,” Malkah told Canadian Mortgage Professional. “It’s very difficult to make deals work that are income-producing properties, because a lot of them don’t carry at today’s rates. Those rates are problematic for builders of various types of properties due to the increased cost of financing and increases in construction costs, resulting in insufficient profit to be viable and projects being put on hold.
“It’s also very challenging in the residential area because values have softened – and in many cases, if the existing lenders do not want to renew mortgages, the borrowers may face a problem getting the amount or the rate that they had before if the value of their home has gone down.”
Company presenting solutions across various deal types
Against that backdrop, Malkah said CYR Funding is committed to a common-sense approach based on finding the best solution possible for borrowers – whether that mean reducing loan amounts and having them inject more cash, or exploring options in the private market when qualification with an institutional lender isn’t possible.
The company has been expanding both in Canada and south of the border in recent times, having opened an office in Florida two years ago, and finances investment properties in any state in the US.
“If it makes sense either on a cashflow or equity basis, we can do it,” Malkah said. “For both companies, we finance any type of property including land, construction, residential, retail, industrial, multifamily, hotel, large buildings, and many more.”
The mortgage veteran describes CYR Funding as equivalent to a “broker’s broker,” assisting mortgage professionals who may need assistance with commercial or construction financing or could use private funds as a solution to their client’s needs.
The company is backed by a wide array of funds in both Canada and the US, she added, including pension funds, life companies, foreign banks, and over 2,000 private investors to assist borrowers in both countries.
How can brokers and their clients work with the company?
For brokers or clients who wish to find out more about CYR Funding, the first step is simple: contact Malkah by phone or email. “We have a lot available if the deal makes sense,” she said. “And there’s no cost or obligation to get a quote or letter of interest on any deal.
“Email me at [email protected]. My Canadian cell is 647-838-5061, and for the US it’s 305-525-9955. If you’re in Florida or visiting, give me a call and we can get together for coffee.”
Despite the current market turbulence, meanwhile, Malkah is confident that the mortgage industry will emerge all the better for the experience on the other side. That’s a view the says has been vindicated by examples of past crises where the industry has come out stronger as a result.
“We’ve seen ups and downs, including a very big crash in the late 1980s and early 1990s,” she said. “We’ve survived, and we’ll continue to survive and thrive – no matter what the market conditions may be.”
Rena Malkah is founder of CYR Funding, an independent mortgage broker firm based in Ontario with a presence in the US.