At Pillar, we value our strong, collaborative relationship with the mortgage broker community in Ontario. As you know, we pride ourselves on offering flexible solutions to help you secure mortgages for clients who don’t fit the mold for typical mortgage lending.
Unfortunately, recent changes in the lending environment have spurred overwhelming demand for our products. While we are humbled by this show of confidence in our business, it has reached a point where current demand is straining the limits of our underwriting team and available capital.
In light of this exceptional situation, we have decided that the most responsible course of action is to not accept new mortgage applications in the month of July.
What does this mean for you?
We remain committed to supporting the mortgage broker community to the best of our abilities. Please be assured that we will continue to work through all current deals in our pipeline with signed commitments, as well as funding all construction projects currently underway.
- For any existing deals: no action is required on your part related to today’s announcement.
- Any new deals that you are working on no action is required in July will have to be deferred until August at the earliest before we will be able to consider them.
What will happen going forward?
We greatly appreciate your continued support and will be actively communicating with you as we work through the coming weeks.
This is not a decision that we made lightly as it is abundantly clear to us that this one-month pause may prove challenging for you and your clients. All we can do at this point is seek your understanding and assure you that we are working diligently to resume normal operations as quickly as possible.
If you have any questions or wish to clarify anything about this situation or any existing deals, please contact us.