While I am not a avid TV viewer, I have to admit that I am a fan of both CBC's Dragons Den and ABC's Shark Tank programs. Whether you like or dislike the personalities of the Dragons or Sharks, there is no arguing that they are highly successful, driven individuals most of whom came from quite humble beginnings.
Perhaps the most controversial love-hate individual which stars on both shows is Kevin O'Leary a.k.a. "Mr. Wonderful." Having made hundreds of millions through the sale of his education software business to Mattel, Kevin has moved on starting his investment firm O'Leary Funds.
As reported by Canadian Mortgage Trends.com and elsewhere in the media, O'Leary is now entering into the mortgage market with single product offering consisting on a 5 year, fixed rate mortgage which he claims will appeal to 95% of those looking for a mortgage. O'Leary claims his one product mortgage offering will be a simple easy-to-understand format with clear and concise documentation something that he feels is lacking in the industry. His TV persona and notoriety will no doubt garner him some business leveraging the brand he has created for himself. At the same time he is going up against some mighty big guns in the form of Canada's major banks not to mention other players in the mortgage business and the cost of entering this business winning over clients is a tall order. It's also a huge segment of the financial services industry and capturing only a small percentage of market share could reap huge rewards
Only time will tell if O'Leary Mortgages will be successful or if his mortgagors can truly view him as "Mr. Wonderful."
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