Alta West Capital steps up for borrowers and brokers in challenging market

Chief sales officer on how the company is working to provide even more solutions during turbulent times

Alta West Capital steps up for borrowers and brokers in challenging market

This article was produced in partnership with Alta West Capital

Fergal McAlinden, of Canadian Mortgage Professional, spoke with Alta West Capital chief sales officer Armando Diseri on how the company is approaching a market that’s full of obstacles for borrowers and brokers alike

These are challenging times for Canadian borrowers, with rapidly rising interest rates and mounting inflation presenting their fair share of obstacles throughout the year to date.

Mortgage brokers, too, continue to navigate uncharted waters – and for leading lender Alta West Capital (AWC), a proactive approach has been essential in helping those mortgage professionals and their clients withstand the current market turbulence.

With a growing number of borrowers unable to meet qualification requirements at traditional regulated lending institutions, AWC’s chief sales officer Armando Diseri (pictured top) told Canadian Mortgage Professional that the company had taken several measures in anticipation of that trend – not least, a “substantial” overhaul of its Salesforce CRM to enhance operational efficiency and scale.

“This project not only aims to streamline applicant processes,” Diseri explained, “but also strives to improve the overall experience for both brokers and clients.”

AWC has also tailored its product range to the needs of borrowers in the current market, recently introducing a new Express two-year term option that accommodates broker clients who require a longer-term solution than others.

Offering clients, a two-year term that’s open after the first year without penalty, the product is one that Diseri said offers flexibility on payout and allows clients to avoid renewal fees after the first year if not yet prepared to execute an exit strategy.

It’s part of what Diseri described as AWC’s determination to offer “flexible, broker-centric” solutions in an uncertain and unpredictable economic climate. “These are reflective of AWC’s commitment to providing adaptable options to its brokers amidst fluctuating market conditions,” he said.

AWC prioritizing broker relationships amid turbulent market

Recent market challenges have shone a light on the importance of mortgage agents and brokers, and AWC has placed a strong emphasis on its relationship with those partners, whom Diseri said play a “critical role” in the operation of its business.

The company has initiated a general mandate of educational assistance with business development managers (BDMs) across Ontario, Alberta, and British Columbia engaging constantly with brokers to help them better understand its product offerings.

Turnaround time, an ever-important consideration for brokers, is also something that AWC has put a huge focus on in recent times.

“From submissions and underwriting funding, to the very moment the client pays us out, AWC is dedicated to you and your clients,” Diseri said when asked whether he had a message for broker partners. “We recognize the time sensitivity of deals, and AWC’s dedication to efficiency is reflective of our responsiveness to the needs of brokers and their clients.”

Indeed, relationships have been a cornerstone of AWC since the company’s inception more than 30 years ago, the executive told CMP. Developing and furthering those relationships was a key consideration behind the establishment of its Broker Loyalty Program, which allows brokers to earn up to 15 basis points on every deal funded with the company through every calendar year.

Brokers need to fund two deals with AWC per quarter to qualify for those rewards – and the company has an annual bonus of $1,500 if a broker funds 12 or more deals in a calendar year.

Those factors, Diseri said, show the company’s commitment to education, responsiveness and recognition of loyalty, “all of which are designed to provide valuable support and resources during these challenging economic times.”

What’s in store for Alta West in 2024?

The company is already well ahead as it gears up for 2024, developing new initiatives following close consultation with its broker partners.

Two new product lines are on the way in the coming year, Diseri said, with the promise of enhancing its offerings and ensuring a favorable position among the market’s evolving demands. It’s also doubling down on its involvement with charities including Shelter Canada, as well as local food banks and shelters.

“We aspire to do even more in 2024,” Diseri said. “We’re actively working on a program that focuses not only on how AWC can make a difference but also on how we can engage all our partners in these meaningful efforts. We believe in the power of collaboration and the positive impact it can have on communities.”

Many of the factors currently impacting the market aren’t expected to shift significantly in 2024, with interest rates anticipated to remain elevated throughout much of the year and affordability and supply challenges unlikely to ease.

Against that backdrop, the growth of alternative lending is only expected to continue – and Diseri said AWC was well positioned to continue serving borrowers and mortgage professionals through difficult times.

“AWC and similar lenders provide immediate financial solutions when borrowers face obstacles meeting traditional lenders’ criteria,” he said. “Alternative mortgage providers like AWC are essential today for their flexibility, timely support, and their empowerment of mortgage brokers to navigate complex lending regulations successfully.”

With that in mind, Diseri said it’s more important than ever that brokers remain well-informed and up to date on lenders and their offerings in order to equip themselves and their clients with as wide a range of options as possible.

“With the increasing demand for alternative lending solutions, brokers must ensure they’re educated on the available offers of each alternative lender,” he said. “This includes rates and fees not only when initiating the deal, but also the costs present throughout the duration of the loan.

“This knowledge empowers brokers in guiding their clients effectively, ensuring they choose the right lender and mortgage solution for their unique financial solution. If anybody has any questions or would like to discuss deal scenarios, please reach out to myself or any of our business development managers.”

Alta West Capital is an alternative mortgage lender based in Canada.