W for the win: Westboro Mortgage's new solution a powerful tool in brokers’ private lending toolbox

Simple solution provides 'clear line of sight on expected outcome,' said president Derek Serra

W for the win: Westboro Mortgage's new solution a powerful tool in brokers’ private lending toolbox

This article was created in partnership with Westboro Mortgage Investment Corp.

In the private lending space, the ultimate decision on a file is predicated on many different factors — but amid what can be an uncertain process, Westboro Mortgage Investment Corp. has leaned into simplicity and predictability.

“We built a solution that has all the factors out front so brokers can match the client with the product and have a clear line of sight on the expected outcome,” said Derek Serra, president of Westboro Mortgage. “It’s like a field goal in football: we’ve built the goal post big enough that the brokers making the kick understand exactly how the ball travels through the upright and what to expect on the other side.”

W Simple for the win

Westboro Simple, known to brokers familiar with the company as W Simple, launched at the beginning of January 2024 and is designed to complement Westboro Mortgage’s current suite of products. Westboro lends across the province, with Westboro Simple focused on first mortgages in urban areas across the Greater Toronto Area, Eastern Ontario, and Southwestern Ontario. A low document solution, the organization doubled down on rolling out something simple and predictable and the new solution is a great fit for brokers who want to know upfront what the costs will be - no matter how a client’s story unfolds.

For example, a client may submit a file suggesting they’re employed but the broker learns they’re technically self-employed, or the last time the client checked their credit score it was over 680 but now it’s dipped under 600, or in early discussions the client wanted a home for their own use but now indicate it might be a rental property instead. Often, the risk-adjusted pricing for the lender must mirror the story of the deal but, with Westboro Simple, “the pricing is the pricing,” Serra said. 

“For eligible products, brokers can predict what the prices and fees will be as there are no premiums,” he said. “One- and two-year terms are the same rate whatever the loan to value is, owner occupied or rental — the brokers can always rest assured that if they have the client that fits the product, they can predict the outcome.”

Though it’s early days yet, “we’ve had some traffic, and files that suit the product are underway,” said Rabbia Sarder, director, operations & technology.

“We’re grateful to have had a lot of submissions come in and we’re excited to see the product ramp up as the market has,” she said, adding the early 2024 launch was strategic.

“We wanted to ensure we could spend the time educating brokers on the features and benefits of Westboro Simple so when the spring market is upon us, they’ll have all the private tools required in their toolbox from Westboro’s full suite of products. We’ve tried to think of everything the brokers could need, so it’s as easy as possible to win the deals from their clients.”

Westboro boasts big broker benefits

In line with simplifying wins for brokers, Serra encourages all brokers to become members of Westboro Broker Nation. Doing so brings big benefits, including the ability to join Westboro’s coveted “Private Members Club” where, once you achieve status, you unlock additional benefits to help win business. In Westboro Simple, brokers unlock greater compensation, additional loan to value, and a wider range of beacon score clients that they’re eligible to work with.

“We equip members of our club with the very best available in the private lending space,” Serra said, adding that Westboro is active on social media and would love brokers to get a sense of the company’s culture on Instagram.

Sarder adds that the organization is laser-focused on broker education overall, hosting monthly webinars to increase understanding of the private lending space and dive into the details of Westboro’s particular products as well. She also urges brokers to join in on any of the upcoming calls and learn more about Westboro and what it has to offer — and allow Westboro to learn more about what’s top-of-mind for brokers, because “we keenly listen to our brokers’ feedback and react accordingly,” she said.

An ongoing evolution, in 2024 and beyond

Westboro is committed to ongoing evolution to best meet market and broker needs, and Serra said they’re proud to kick off the New Year with the recent expansion. The Westboro team felt Westboro Simple was a much-needed requirement in the existing stable of products and the goal is always to identify those gaps and fill them with innovative solutions.

“Our full suite of products has been available to brokers throughout 2023 and that will continue into 2024 and beyond,” Serra said. “We want brokers to continue to see Westboro as their first call for all private solution needs.”