A private mortgage is lending from an individual, a mortgage investment corporation, or a small fund rather than a bank. Private lenders decide on the property first and the borrower second, which is why they can complete files a bank will not, and why they cost considerably more.
The brokers listed here arrange private first and second mortgages across Canada. A second mortgage sits behind your existing one, leaves it untouched, and is repaid after the first in a default, which is what its higher rate is paying for.
The brokers below have told us they take on private mortgage files. Narrow by city to see who works in your market, most lending decisions still turn on where the property sits.
13 of these brokers have a mapped office. Tap a pin to open that profile.
I’m a mortgage broker and co-founder of Miracle Financial, helping homeowners and buyers across Ontario find practical mortgage solutions. A large part of my work involves refinancing, debt…
I'm Sadiq Boodoo, B.B.A., Principal Broker and CEO of Approved Financial Services. I have what it takes to make a difference in your next mortgage transaction. With access to 80+ of Canada's…
As Licensed Principal Broker, I’m dedicated to providing you with all the information you need to make a well-informed decision on your mortgage financing needs. My mortgage industry knowled…
Whether you are a first-time buyer or an experienced buyer with excellent credit, Dominion Lending Centres has access to the very best products and rates available across Canada. Give us a…
I am a Mortgage Broker specializing in mortgage refinancing, focusing on solving mortgage problems by providing lending solutions for complex financial situations. Kristi specializes in a v…
With 10 years of extensive, hands-on experience in the Canadian mortgage industry, your agent specializes in turning complex financial scenarios into clear, actionable pathways. Providing co…
As a Mortgage Broker with The Mortgage Centre, I deliver customized financing solutions through an extensive network of lenders, ensuring competitive options tailored to each client's needs.…
Purchasing a home is an important decision and you should be confident about your investment. I will work with you personally to offer you valuable insight throughout the process, save you t…
I am an experienced mortgage broker who has been helping clients for 23 years. I proudly serves clients, providing honest advice, practical solutions, and personal support from the first con…
As a Level 2 Mortgage Broker serving clients across Ontario, I help individuals, self-employed professionals, investors, and business owners secure financing tailored to their needs. My serv…
I work with homebuyers, business owners looking to buy commercial properties or businesses homeowners looking to refinance, consolidate debt and clients who may not fit perfectly with the tr…
With more than 36 years of experience in the banking and mortgage industry, including senior leadership roles with Royal Bank of Canada, CIBC, and most recently as Vice President of Sales wi…
I work with borrowers that need help refinancing, debt consolidation, and purchase mortgages across Ontario. Most of my work is in the alternative and private mortgage space. I also work wit…
I’m an independent mortgage broker in Ontario who works mostly on the files other people find difficult. Self-employed income, bruised credit, CRA arrears, B and private lending, First Time…
I help homeowners, homebuyers, self-employed individuals and investors find mortgage solutions across Ontario. I specialize in business-for-self financing, refinancing, investment properties…
Rachel Rogerson is a trusted mortgage broker with 16 years of experience helping Canadians find the right mortgage solutions. Based in Burnaby, BC, Rachel specializes in home purchases, refi…
I’m a Mortgage Agent Level II based in Sturgeon Falls, serving North Bay, Sudbury and clients across Ontario. I work with first-time buyers, homeowners, investors and anyone looking for a be…
Let's get you a better mortgage that is customized for your financial needs. We specialize in using mortgage for more purchasing power and to build your future wealth for retirement. There a…
The genuine cases are narrow and mostly about time: a purchase that must close before conventional financing can be arranged, a property a bank will not lend on, income that cannot be documented in the form a bank requires, or a credit event too recent for an alternative lender.
What they have in common is a clear exit. A private mortgage is bridging finance with a term usually measured in months to a couple of years, and it works when there is a specific plan to leave it, a sale, a refinance once income is provable, or credit repaired to the point a lender will look again. Without an exit, it is an expensive way to postpone a decision.
Look past the interest rate. Private deals carry a lender fee and a broker fee, both typically a percentage of the loan and usually deducted from the advance, so you receive less than you borrow. Legal costs are yours, and there may be an appraisal and a renewal fee if the term is extended.
The only meaningful comparison is the total cost over the term you expect to hold it, expressed in dollars. Ask for that figure in writing before committing, and ask specifically what happens if you need to extend, that is where the cost most often escalates.
A second mortgage is registered behind your first and is repaid after it in a default, so the lender is taking more risk and charges accordingly. It exists so you can access equity without breaking a first mortgage that carries a good rate or a large prepayment penalty, which is often exactly the right call.
A mortgage investment corporation pools investor money to lend on mortgages. From a borrower's side a MIC behaves like an institutional private lender: more process and more consistency than an individual lender, and usually somewhat lower cost.
A mortgage funded by an individual, a mortgage investment corporation or a small fund rather than a bank. The decision rests mainly on the property and the equity in it rather than on income and credit score, which is why it can close where a bank cannot, and why it costs more.
Materially above bank rates, and they vary with the property, the loan-to-value and the position of the charge. The rate is only part of the cost, lender and broker fees are usually a percentage of the loan and deducted from the advance. Always compare total dollar cost over the expected term.
A second loan registered behind your existing mortgage, which stays in place. It ranks after the first for repayment in a default, so it carries a higher rate. Its purpose is to let you access equity without breaking a first mortgage that has a good rate or a large prepayment penalty.
Usually months to a couple of years, and it is designed to be temporary. The lender will want to know your exit before funding, a sale, a refinance into conventional financing, or repaired credit. A private mortgage with no exit plan is the main way borrowers get into trouble with one.
They will look, but it is not the deciding factor. Equity in the property is what secures the loan, so the assessment centres on value, marketability and how much of it you are borrowing against. A poor score raises the price rather than ending the conversation.
