Do you live in Canada and has it ever happened to you before that you dream up an amazing business opportunity only to be met with crushing disappointment as you are rejected by bank after bank?

Maybe your credit score has taken a slight ding in the past or the idea is just considered too radical or risky by traditional financing institutions.
Whatever the reason may be, you might not be ready to give up on your dream just yet! However, you need the upfront investment to make it happen. Lucky for you, there is still an avenue open to you in Canada: Private mortgage lenders.

What is a private mortgage lender?

A private mortgage lender is an individual, group of people or business that do not form part of traditional financing institutions, such as banks, and wish to invest their on-hand money in short-term loans to make a profit. These loans are made on property like residential or commercial properties.
As private lenders, they have their own requirements toward both the borrower and the investment. A private lender tends to put more importance on the investment opportunity itself than the borrower’s credit history.
This makes them more open to a whole diaspora of new borrowers and investments that would get rejected out of hand by banks or other financial institutions. Although they also usually only invest in a certain area local to their own.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

How to find a good private mortgage lender for you

Private mortgage lenders are inherently slightly more riskier than traditional lenders or banks so you are well within your right to ask how you separate the good from the bad. Here are a few things you should keep in mind when looking for the best private mortgage lender for you:

  • 1. Previous customers: A reputable private mortgage broker won’t mind displaying previous customer feedback. You can also search for customer opinions on forums, etc.

  • 2. Brokers: Brokers are industry-insiders that often know of and have access to private mortgage brokers that aren’t as easy to find and who they only reveal to customers with specific needs.

  • 3. Location: Most private mortgage lenders only operate in certain areas close to their own. Make sure that the private mortgage lender is based near the property in question or that they work in that area before wasting everyone’s time.

  • 4. Industry: Many private mortgage lenders prefer to work within a certain industry. You might still be able to finance through them but you would probably have a better chance and better rates at one within your field.

  • 5. Private mortgage lending sites: There are many sites online that collate private mortgage lenders and allow you to easily find many in one place, such as Private Money Lending Guide.

Private mortgage lenders in Canada

Here are some reputable and established private mortgage lenders you can use to get you started. As you can see from the list above, private mortgages lenders aren’t always a one-glove-fits-all solution, so you should always look around with your unique situation in mind.

  • Canadian Mortgages Inc: They service Manitoba, Ontario, British Columbia, and Alberta. Their market focus is one residential property such as single or multi-family homes.
  • Alta West Capital: The service Alberta, British Columbia, and Ontario and their market focus is on owner-occupied residential and investment properties.
  • Caplink: They operate in Saskatchewan, Alberta, and British Columbia and their market focus is on almost any type of property investment.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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