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In the vast sea of non-OSFI-regulated non-prime lenders, the newly-launched Glasslake Funding is unique.

For one thing, few can claim to have the backing it does. Glasslake is a wholly owned subsidiary of U.S.-based Bayview, a global investment firm with over $15 billion of assets under management.

It also has a vast appetite for harder-to-place property types and borrowers. Here's a quick look at what it can do.

Since rates peaked in the early 1980s, there have been six Fed hiking cycles. Those cycles have lasted about 20 months on average.

So far, we're 13 months into this one, and markets think we have just one hike left.

Central bankers are pushing back on 2023 rate cut expectations. And they're succeeding.

As of Friday's close, market expectations are now down to just a 4 in 10 chance of BoC easing this year, and only a single 25 bps rate cut at that. Following last month's Silicon Valley Bank meltdown, markets were pricing in cuts by this summer.

Meanwhile, North American funding costs are running higher. For example, Canada's four-year swap, a leading fixed-rate indicator, is up 44 bps in the last ten days.