PADS Financial, a Montreal-based Fintech startup, announced the launch of PADS, an online platform for first and second rank mortgage origination and servicing within Canada’s housing market.
According to the company, the PADS online portal enables users to apply for a home equity loan, easily track their application status, get approved, manage their funds, and access other essential features, all within a clear and user-friendly interface. PADS is also designed to approve individuals underserved in the current banking landscape, the company added.
“Early on we noticed a gap in the lending industry and identified an opportunity to craft solutions to help new immigrants and Canadian homeowners leverage their equity to obtain loans and build or rebuild their credit,” said PADS co-founder Stephane Perez. “They were underserved, and the situation has only gotten more urgent with the rapid rise of interest rates.”
PADS Financial also secured an initial round of financing of $3 million from investors within the Quebec real estate market.