CommunityLend blog

Sales Finance Solutions for your Business

FinanceIt Named one of Branham300’s Top 25 Up and Coming Companies

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We’re proud to be named one of the Top 25 Up and Coming companies in Canada by the Branham300! For 20 years the Branham300 has been on the pulse of new, innovative technologies in Canada. In recent years, this list has included the likes of Hootsuite, Rypple and Radian6.Branham300 2013

CommunityLend launched FinanceIt in 2011 to give businesses the ability to provide consumer financing to their customers at the point of sale with no merchant fees and fair, transparent interest rates. Since our launch, FinanceIt has signed up more than 2,100 businesses in the retail, healthcare, home improvement and vehicle industries across Canada. Over this time, our partners have processed more than $300MM in loans. In addition to our growth earning us a spot on the Branham300’s Top 25 Up and Coming companies, FinanceIt was also listed as one of the Branham300’s Next 50 Canadian ICT Companies.

“FinanceIt is one of the most innovative plays we’ve seen in the financial services space in a long time. They’re in a position to shake up a very traditional industry,” says Andrew Bisson, VP of Consulting, Branham Group Inc.

We want to thank all of our partners for helping us in achieving this fantastic milestone. We can’t wait to see what the next year will bring!

Written by Alex Commons

April 24, 2013 at 10:58 am

Posted in Uncategorized

How about a Second Look?

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We know that turning down a customer for financing is never enjoyable for our merchant partners. With the intent of getting credit approvals as high as 80%, second look programour Second Look program allows you to say “yes” to customers who would not have otherwise qualified for our Standard Program due to credit reasons.

We’ve partnered with a great set of long time professional non-prime lenders – the first being LendCare Financial Services – who will fund these loans at interest rates ranging from 29.9% to 39.9%.

Loan applications under $3,000 will also be able to take advantage of QuickFund within the Second Look program. This provides you with instant approvals without any requirement for proof of income. If the loan does not qualify for QuickFund, you simply need to submit a request for a Second Look review, which will be decisioned within 1 business day. When the loan application is approved, standard documentation and employment verification will apply.

Second Look loans will be serviced directly by the lender instead of CommunityLend. Specific details and contact information will be provided during the loan application process. The Second Look program is currently available in all provinces except Quebec. We are continuing to work towards a Quebec launch later in the year.

Written by Alex Commons

April 16, 2013 at 10:11 am

Posted in Uncategorized

Earn $100 for Referring a Business to FinanceIt

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referralsIt’s time for us to give back!

For a while now we’ve been getting lots of referrals from existing Partners and we couldn’t be happier about this trend. It tells us that we are delivering on our mission of offering our merchant Partners a best in class POS consumer financing solution.

We appreciate each and every one of these referrals – and have decided it’s time for us to start giving back.

The FinanceIt Referral Program

Starting today, for every eligible Partner you refer to FinanceIt you can earn $100. That’s right. Also, as an added bonus you’ll receive an additional $500 for every 20th referral!

To get started, log into your FinanceIt account and head to the “Referrals” tab to email or share a trackable link: www.financeit.ca/en/partner_referrals

Keep spreading the word!

Written by Alex Commons

March 21, 2013 at 1:15 pm

Posted in Uncategorized

FinanceIt Across Canada

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Over the past month we’ve attended a variety of great events across Canada and thought we’d share some of our fantastic experiences.

HomeStars

Each year, HomeStars – a site that helps homeowners find the best home improvement professionals – holds its annual Best Of awards. The awards go to the contractors with the highest quantity and quality of reviews in a given area.

Craig, Alex, Kate, Tom, Eric and our Sales Agents attended the events all across the country – chatting with home improvement professionals and sharing the benefits of offering consumer financing to their customers. The events were a great success and we’re looking forward to continuing our partnership with HomeStars. If you’re a home improvement professional, and you aren’t already a member, we highly recommend listing your business with HomeStars.
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Pacific Dental Conference

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We were also in Vancouver last week attending the Pacific Dental conference. It was our first trade show and our first dive into the dental space. The show was a great success, and allowed us to meet face to face with hundreds of dental professionals eager to learn about the financing options available to their patients. We were also fortunate enough to connect with some great companies such as Henry Schein, The Bridge Network, 123Dentist and Domacan.

National Home Show

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The National Home Show is an event held every year in all major cities nationwide that showcases the latest and greatest in furniture, lighting, home renovation and landscaping. This year we partnered with Marketplace Events to sponsor home shows across Canada. The Vancouver show was fantastic – and we can’t wait for Toronto (Mar 15 – 24) and Ottawa (Mar 21 – 24) in the coming weeks!

Written by Alex Commons

March 15, 2013 at 2:39 pm

Posted in tradeshows

Say Hello at a Trade Show

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Over the next month we will be travelling across Canada attending a number of trade shows and events, and we want to meet you there! A schedule of where you can find us is below.

Pacific Dental Conference

If you’re in the dental practice and will be attending the conference in Vancouver be sure to stop by and say hi. You can find us at booth 111 – just in front of the lounge on the left side of the Live Dentistry stage.
Vancouver – March 7 to 9, 2013

National Home Show

The National Home Show is a conference for home retailers and contractors to connect with their customers. We’ll be walking around the showroom floor at the following shows:
Vancouver – February 20 to 24, 2013
Toronto – March 15 to 24, 2013
Ottawa – March 21 to 24, 2013

Homestars Best of Awards Road Show

If you’re a contractor and will be attending any of the Homestars Best of Awards ceremonies, we will be at the following shows:
Hamilton – February 21, 2013
Toronto – March 5, 2013
Durham – March 12, 2013
Edmonton – March 20, 2013
Ottawa – March 20, 2013

Written by Alex Commons

February 20, 2013 at 3:30 pm

Posted in Uncategorized

Getting Around the Co-Borrower Requirement

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Having to provide a co-borrower on a loan can be really annoying. As a part of our efforts to continuously improve the loan creation process, we’ve added some features that will make the co-borrower requirement more flexible.coborrowerExclaim

But first, some background on the co-borrower requirement and how it works. All loans currently require that the total debt service ratio (TDSR) be lower than 42%. TDSR is calculated as a percentage of all the housing costs, existing credit payments and new credit payments for the FinanceIt loan against the borrower’s gross income. We ensure a strong ratio as a part of our duty as responsible lenders.

While the requirement for a co-borrower was previously fixed after it was indicated as a requirement, you now may be able to remove the requirement for a co-borrower by tweaking the monthly payments. The monthly payment can be tweaked in several ways, either by lengthening the loan amortization period or decreasing the requested loan amount. When creating loans you’ve always had the ability to modify either of these factors. However, now we will factor these changes into our calculation of TDSR.

What this means for you as a Partner

If you’re creating a loan and your customer requires a co-borrower but doesn’t have access to one – you may still be in luck. By extending the amortization period or decreasing the requested loan amount – and in effect lowering the monthly payment – you may be able to remove their requirement for a co-borrower.

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In the right situations, we’ll even make a real time recommendation of how to modify the amortization period to remove the requirement for a co-borrower.

Written by Alex Commons

February 19, 2013 at 7:17 pm

Posted in Uncategorized

Our Team is Growing!

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We are proud to welcome some new and notable faces here at the FinanceIt offices! Since the new year started we’ve added another world class advisor, two new executives, and an operations admin.

Andrew Durnford – Advisor

Mr. Durnford is Principal of White Point Capital Inc. Most recently he has held a variety of senior executive roles in TD Bank Group, including leading a number of consumer lending businesses and also corporate functions. His last position was Senior Vice President of Personal & Indirect Lending where he had responsibility for the unsecured lending products of TD Canada Trust. Previously, he spent sixteen years as an investment banker based in Toronto, London and New York. Mr. Durnford is a graduate of Harvard Business School (MBA) and Queen’s University (B.Com).

Craig Haynes – VP of Business Development

Craig comes to FinanceIt from TD Bank, where he spent 15 years working on the sales finance side of the business, and was most recently heading up their recreational products finance program as National Sales Manager. Craig wil be working on the overall business development strategy for FinanceIt and will be focused on signing up new medium and large sized partners. Craig is also interested in music, wine, the desert and working on his Vacation Property in California.

Tam Khuu – VP of Finance

Tam is responsible for the Company’s financial reporting, cash and treasury management, and daily accounting functions. Before joining CommunityLend, Tam was Controller of Worldlynx Wireless, the largest independent Bell dealer in Canada. Previous to this role, Tam was also Controller at Herbal Magic Inc., a leader in the weight management industry with its network of 450 corporate and franchise retail stores across Canada. Tam is a CGA and holds a Bachelor of Accounting from Brock University.

Megan Cloutier – Operations Administrator

Megan comes to us from the TIFF Lightbox where she handled pass redemptions for special events and partner festivals as a Customer & Event Ticketing Rep. In the not so distant past Megan studied Museum Sciences and had the opportunity to work at the Ontario Science Centre, National Air Force Museum, and Canadian Museum of Civilization. On any given weekend Megan can be found combing through thrift shops and record stores in Kensington Market.

Written by Alex Commons

February 6, 2013 at 6:13 pm

Posted in CommunityLend

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