GE Money Canada, the Canadian consumer-lending unit of General Electric Co., today officially launched its mortgage business, offering residential mortgages through brokers in Ontario, with plans for other Canadian markets soon.

Also known as non-prime mortgages, 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 online pre-qualification tools, automated approvals, and an innovative approach to funding.

To test its approach, GE Money Canada began offering residential mortgages via select Ontario mortgage brokers in June. “Our testing showed that the marketplace is receptive to this business model, with our systems and processes upholding our value proposition of speed, simplicity and consistency,” said Rick Lunny, president of GE Money Mortgages, in a release.

With GE Money mortgages, brokers receive loan approvals in as little as a few seconds and always under two hours. Funds are 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.

“We do not see this product as competing with Canada’s major chartered banks,” said Lunny. “In fact, we see opportunities to partner with banks to help them enhance their relationships with non-traditional customers.”

Mortgage brokers or prime lenders interested in offering GE Money mortgages can visit www.gemoney.ca for more information.

Based in Toronto, GE Money Canada, part of GE Consumer Finance-Americas, provides private label and MasterCard credit card programs and lending options for retailers in key industries, including apparel, powersports and jewellery.