GE Money, the Canadian consumer lending unit of the General Electric Co. launched its consumer mortgage business in the Maritime provinces on Wednesday, as part of its national expansion strategy.

Also known as non-conventional mortgages and offered via mortgage brokers, the GE Money 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, 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’s presence in the mortgage industry has grown rapidly since its introduction of mortgages in late 2005. “The market has embraced the GE Money approach to mortgages,” says Rick Lunny, president of GE Money, mortgages.

With a GE Money mortgage, brokers receive loan approvals in as little as a few seconds and always under two hours and funds are delivered in as little as five days. The offering also features a unique, risk-based pricing model that promises consistent responses, using a simple, web-based application tool.

As part of its mortgages launch, GE Money is also introducing its “One Plus” mortgage to customers in the Maritimes. The One Plus mortgage offers a low interest rate, up to a 40-year amortization, a one-year term and manageable payments. It 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. The company has also recently introduced rental property mortgages, and the ability to borrow up to 104% loan-to-value.