Glasslake Funding creates clarity “vibe”

IN Partnership with

Glasslake Funding is the newest name in non-bank mortgage financing, and it aims to make the approval process as smooth as a clear lake on a summer morning

SMOOTH SAILING. No choppy waters. And transparency. Glasslake Funding may be new – launching to the broker network just this past January – but its aim is clear: “to provide a smooth funding experience. Our goal is to take the chop out of the funding process, to make the broker experience smoother,” said Aris Athanasoulakis, vice president, real estate lending. “We want to serve a niche opportunity in the non-bank lending landscape, and provide value to the brokers we work with.” The Canadian company is a wholly owned subsidiary of Bayview Asset Management, LLC. Athanasoulakis is keen to cite some early examples of how they have helped investor clients who have been affected by the pandemic.

Glasslake Funding ULC is a wholly owned Canadian subsidiary of Bayview Asset Management, LLC – an investment management firm with $15b in AUM as of December 31, 2022, focused on investments in mortgage and consumer credit, including whole loans, asset-backed securities, mortgage servicing rights, and other credit-related assets. Founded in 2022, Glasslake Funding serves the investment needs of seasoned investor clients through commercial and residential lending. Glasslake is a balance-sheet lender with two key lines of business – a correspondent business for third-party origination funding, and a wholesale business that is direct-to-clients through the broker channel.

Find out more

“There is an unexplainable vibe when you walk into our office. You feel that this is not only a startup culture, but a team of people who have aligned on the purpose and difference we can serve to the industry”

Ruvani Henriques, Glasslake Funding

“We did a deal for a client with a commercial property located in a secondary market. He had his own business for three years and ran into some issues during COVID, so his financial reporting was not up to par to go to the bank,” he said of the $400,000 deal in Kingston, Ontario. “We discussed the situation with the broker, and we went through the client’s financials to become comfortable with the client’s overall profile.” “This client needed stability. With our three-year term, we’re able to grant him payment stability to help him build up his financials and, ultimately, offer peace of mind. It’s a fixed rate, with very minimal fees. We’ll help them get to that transition and eventual graduation. We’re not here to offer a temporary solution for six or 12 months; we want to set clients up for sustainable financial success,” Athanasoulakis said.

He pointed out that there is a big advantage to investors with programs that are tailored to either commercial or residential properties. Athanasoulakis pointed to another recent seasoned investor client who “had some challenges obtaining financing for a residential property that was underperforming, with negative cashflow. This client has many investment properties, and believe it or not, was being penalized by traditional lenders because of it. Seasoned investors are our ideal clients. We feel there is a gap in the market for serving these types of clients, and we have products designed to fill it.”

So how did Glasslake make the deal work? “We put a lot of weight on the client’s investment experience in stabilizing underperforming assets, in a market we like to play in,” he said. “We were able to look at the property, get an appraisal, and look at the market rents.… So we offered a three-year deal. Again, at a fixed rate, very flexible repayment options in case he wants to refinance mid-term. We were able to offer a 70 percent loan-to-value and a 40-year amortization.” Those two examples, to him, help underscore Glasslake’s appetite for providing solutions to seasoned investors and their desire to qualify simply. “We understand there are going to be some sorts of challenges, but it’s up to us to find a solution that benefits the client for both the short and long term,” he said. “We have people here with several years of experience in the alternative space. Our expertise, coupled with our simplified qualifying requirements, work together for us to offer a level of flexibility to the client who may not have documentation or financials suitable to qualify at a bank. We always prioritize doing right by the client, and we only provide solutions that offer more security and less angst.”

Part of this means giving clients the time to deal with those challenges, and to find long-term solutions. “We’re looking for a long-term relationship,” he said. “But they also know that we’re going to help them get there by having stable and fixed payments.” Glasslake is looking for partners, specifically “brokers who want to form business alliances. We strive to deliver a fulsome relationship beyond just the transaction with the broker. We want to build this relationship and help them grow the business,” he said. “We want to align, to have a product that works for them, support them through the underwriting process, through our regional sales managers, education sessions, and conversations. We want to make sure that we really support their business, so we’re looking for long-term relationships with the right brokers and alignment of businesses.”

The outreach continues through talking to brokers, understanding their business. But the conversation goes both ways. “We always ask for honest feedback,” he said. “Feedback is what we use to help us build and refine our product offerings. We’re not just saying, ‘Here’s what we offer, take it or leave it.’ Instead, it’s ‘How can we work together, and what does the market need?’” It may not always work out for all involved, “but at least the effort and the intention to do what’s right for the client are there. The firm focuses on commercial and residential properties, with commercial being the main component of the two. “We have developed some unique residential products as well,” he said. “We feel that there’s a good market there, in self-employed individuals who invest, who may have faced some challenges, whether they own a home or a business. So we want to be able to offer solutions to those clients in our commercial authorization site.”

She stressed that the firm cannot be all things to all people, and “we are going to own the fact that we value conversations over presentations. We’re not here to tell people what we do. Instead, we would rather listen to our brokers’ and clients’ needs, and leverage our capability to build new products to suit their needs.” She has seen the startup transition all along the way. “Day 30 is going to look different from day 120 or day 300 for us,” she said. “We are clear and transparent and intend to build our difference with brokers who get the opportunity to partner with a funder like us. Diversified funding solutions with a lender who offers liquidity is what sets us apart. We have to persist and deliver on smooth and simple funding.”

Glasslake case studies on new approach

Published 29 May 2023

Resources

News

Specialty

Best in Mortgage

Mortgage Industry

Companies

People

Newsletter

About us

Authors

Conditions of Use

Terms & Conditions

Sitemap

RSS

News

MORTGAGE INDUSTRY

BEST IN MORTGAGE

SPECIALTY

Resources

Companies

People

Newsletter

About us

Authors

Conditions of Use

Terms & Conditions

Sitemap

RSS

“Our goal is to take the chop out of the funding process, to make the broker experience smoother”

Aris Athanasoulakis, Glasslake Funding

News

MORTGAGE INDUSTRY

BEST IN MORTGAGE

SPECIALTY

Resources

Investing in long-term relationships

Ruvani Henriques agrees that building a business from the ground up requires a certain set of people with an aligned mindset, and that notion has influenced the “intentional handpicked talent that is here.” The vice president of marketing and communications added that Glasslake’s approach to delivering a different experience for brokers comes from a vision of unifying how sales and underwriting are working together. “There is an unexplainable vibe when you walk into our office. You feel that this is not only a startup culture, but a team of people who have aligned on the purpose and difference we can serve to the industry,” Henriques said. “Our brand purpose is at the heart of everything we do, and we take pride in ensuring we all embody what we stand for.”

Finding Glasslake’s new vibe

Meet Glasslake’s executive team

Michael Forshee

Stephanie Haber

Alex Godfrey

President

Senior vice president of operations

Vice president of underwriting

Aris Athanasoulakis

Vice president of real estate lending

Ruvani Henriques

Vice president of marketing

SUBJECT PROPERTY:

Residential and commercial

CREDIT:

Min. 620

Loan amount:

$200,000 to $3 million

LTV:

Up to 80%

Terms:

3, 5 and 7 years

Amortization:

Interest-only OR 30-40 years

Occupancy:

Owner-occupied and investment

Location:

Primary and secondary markets

Canada’s “Get It Done” Lender

Companies

People

Newsletter

About us

Authors

Conditions of Use

Terms & Conditions

Sitemap

RSS