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 Alberta today.

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, new 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 mortgage brokers in October. “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 Alberta. The One-Plus mortgage offers a low interest rate, up to a 30-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 choices and opportunities,” adds Lunny.

GE Money’s approval decisions are made via underwriters in Western Canada, with support from the company’s Edmonton business centre. 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 — 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.

“With the rising cost of homes in Alberta, GE Money’s friendlier debt service requirements help Albertans enter the housing market when they would not qualify under traditional bank criteria,” adds Lunny. “We also see opportunities to partner with banks to help them enhance their relationships with non-traditional customers.”