As part of its national expansion strategy, GE Money, the Canadian consumer-lending unit of General Electric Co., officially launched its consumer mortgage business in Manitoba on Monday.

Also known as non-conventional mortgages and offered via mortgage brokers, the GE Money mortgage offering is primarily directed to consumers who may find it difficult to qualify for traditional, bank-originated mortgage loans. These include individuals who are self-employed, recent immigrants to Canada or those with less than perfect credit. The GE Money approach features exclusive online qualification tools, unique automated approvals within a streamlined, hassle-free process and an innovative approach to funding.

GE Money began offering residential mortgages via Ontario mortgage brokers in October 2005. The company has since added British Columbia, Alberta and now Manitoba, and plans to offer mortgages nationally by the end of 2006. “The market has embraced the GE Money approach to mortgages,” says Rick Lunny, president of GE Money Mortgages. “So much so that we’ve accelerated our expansion timeline significantly.”

As part of its mortgages launch, GE Money is also introducing its “One-Plus” mortgage to customers in Manitoba. The One-Plus mortgage offers a low interest rate, up to a 40-year amortization and a one-year term that allows the borrower to take on a more traditional mortgage should their credit situation improve. “The One-Plus mortgage is about accessibility and giving consumers additional choice and opportunities,” adds Lunny.

GE Money is the first in Canada to offer a 40-year amortization, and offers a MasterCard with every mortgage that features no interest, no payments for 90 days on home closing expenses. GE Money’s approval decisions are made via underwriters in Western Canada. This ensures customers benefit from awareness of local markets. Brokers receive loan approvals in as little as a few seconds and always under two hours. Funds are then delivered in as little as five days. The offering also features a risk-based pricing model that promises consistent responses, using a simple, Web-based application tool.