How a sunset inspired a new way of thinking about mortgages
This article was produced in partnership with Magenta Capital Corporation.
Desmond Devoy, of Canadian Mortgage Professional, takes a look back at Magenta Capital Corporation with its founder Gavin Marshall as the company approaches its 30th anniversary, and the work still left to do.
Gavin Marshall had an iconic memory of a sunset he observed as a small boy, and a name came to him.
Magenta.
That colour would become the name of his new mortgage company, founded in the basement of his home in 1994.
The name, and the colour, represented the horizon he has always chased in pursuit of the better tomorrow that lay beyond.
In the three decades since then, Magenta Capital Corporation has grown into one of the oldest and largest MICs in the country, funding more than $1.8 billion in originations in the last decade alone.
It is also home to a team of dozens of mortgage professionals from a variety of diverse backgrounds.
And there have been many success stories over the years.
Marshall points to the company’s “Great Place to Work” certification, along with expanding lending regions, and gaining industry recognition through awards like “Top Alternative Lender.” It recently opened its new flagship office at First Canadian Place in Toronto’s Financial District, rebranded the company website, and thanks to its fourth annual broker survey, “was able to launch a highly requested two-year term feature and update our Low and No-Doc income programs. We also strengthened and streamlined policies and processes to dramatically enhance operational efficiency and functionality in everything that we do,” Marshall said.
Part of making a company great is having great customers.
So, who are Magenta’s core customers?
- Mortgage Brokers looking for mortgage products that are flexible, easy, and valuable for the unique needs of their alternative borrower clients.
- Investors looking for an investment that aims to provide attractive returns, flexibility and reliable income.
- Investment Advisors looking for a reputable investment that aims to provide attractive returns, flexibility and reliable income for their clients.
Magenta’s cycle of change
The last 30 years have seen changes for everyone.
But Magenta’s purpose remains the same – to connect people with opportunities to build a better tomorrow. As the company approaches its 30th anniversary, Magenta remains committed to ensuring that Ontario families can build a better future for themselves and generations to come.
It takes more than just a mortgage company and a borrower to make a mortgage work. Primarily serving the lending areas of Ottawa, Kingston, southwestern Ontario and Hamilton Halton Region, Magenta engages with the broker community in the areas they both support (head office is in Toronto but a regional administrative office is in Ottawa).
In the past year, for example, Magenta supported both CHEO (Children’s Hospital of Eastern Ontario in Ottawa) and the Hospital for Sick Children in Toronto, through their broker partners.
The company has also partnered with Carbonzero to measure, manage, and mitigate its climate impact. They practise carbon offsetting to sponsor real and verified reductions in greenhouse gas emissions.
Magenta also values the unique and irreplaceable contributions of women in the industry, through the #hertomorrowmatters initiative and Women in Mortgage.
Marshall himself leads by example, giving generously to causes such as Trent University in Peterborough. He recently passed the million-dollar mark for lifetime giving.
“Progress is about more than just more – it’s about creating a more caring and just world,” said Marshall. “At Magenta Capital Corporation, people belong solely based on their talent, contribution, work ethic, and most importantly, content of character. For me, philanthropy, especially supporting educational institutions, is a natural expression of those shared core values of meritocracy and equality of opportunity.”
It also extends to lending a helping hand to others, remembering his own journey of upward mobility, and the struggles he faced.
“As someone who, in all likelihood, would have been unable to attend post-secondary education without the generosity of those who came before me, I understand better than most that when we choose to pay it forward, everyone reaps the rewards,” he said.
New: Two-Year Terms
Back at the office, the company is highlighting the launch of one of the most highly requested features: two-year terms. Two-year terms are now available for residential first and second mortgage products. Since the feature launched in September, it has proven particularly popular for rentals and equity products like second mortgages and refinancing.
To learn more about Magenta’s product offerings, brokers can reach out to Paul Campbell, Magenta’s Senior Director of Mortgage Origination and Veronica Daniel, Magenta’s Internal Account Manager.
What is it that makes Magenta different to brokers?
Having three decades’ worth of experience and the consistent investment track record to go with it are a great start. Not only that, but it knows its lending areas intimately, and brings a commonsense touch to underwriting files. Magenta provides flexible, short-term solutions at competitive rates, with capitalized fees.
As a property-first lender, Magenta weighs the property, location, and client story most heavily.
So how is Marshall feeling about the next 30 years?
“I named this company for the striking colour of the sunset because, to me, it represents hope, excitement, and longing for the possibilities of a better tomorrow,” he said. “That hope, that excitement, that desire to seize the next day and the one after that – that hasn’t gone away. If anything, it’s only grown, as that spark does not just belong to me anymore. It’s shared by more than 50 employees.”
There have been hard times, to be sure, like the financial crisis in 2008 and the pandemic, but Magenta has thrived over the years and “I can’t wait to see where the future takes us,” he concluded.
To find out more about Magenta, click here.
