Private Mortgage
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Private Mortgage Solutions in Mississauga & GTA
Access your home equity with a private mortgage in Mississauga & GTA, ideal for homeowners who don’t fit traditional bank guidelines. Whether you’re self-employed, dealing with credit challenges, or need quick access to funds, private mortgage options provide flexibility when you need it most.
What Is a Private Mortgage?
A private mortgage is a flexible financing option that allows homeowners to borrow against the equity in their property using private lenders instead of traditional banks. Unlike bank mortgages, which rely heavily on strict income verification and credit scores, private mortgages focus primarily on the value of your home and how much equity you have available.
I often work with homeowners who are self-employed, managing variable income, or dealing with credit challenges—and in many of these situations, a private mortgage provides a practical solution when banks say no. Private mortgages in Mississauga are also commonly used when time is of the essence, such as covering urgent expenses, consolidating debt, or bridging a short-term financial gap.
While private mortgages are typically designed as short-term solutions, they can be powerful tools when structured properly. As your mortgage broker, I provide clear guidance on how private mortgages work, ensure there are no surprises with costs, and help you choose an option that supports both your immediate needs and future goals.
Why Choose a Private Mortgage?
A private mortgage can be a practical solution when traditional lenders are limited by strict credit rules, income requirements, or long approval timelines. For many Canadian homeowners, private mortgages offer the flexibility needed to move forward without unnecessary delays.
Equity-Based Approvals: Private mortgage lenders focus primarily on your property’s value and available equity, rather than rigid credit scores or bank-style income verification.
- Higher borrowing potential: Depending on the property and lender, private mortgages in Canada may allow access to up to 85% of your home’s value.
Faster Access to Funds: Approval and funding are often completed in a much shorter timeframe, making private mortgages ideal when timing is critical.
Support for Credit Challenges: Homeowners with bruised credit or past financial setbacks may still qualify, as private lenders take a more flexible approach.
Ideal for Self-Employed Borrowers: Private mortgages are well-suited for self-employed individuals or those with non-traditional income, where standard income documents don’t tell the full story.
Private mortgages are often used as short-term solutions and can be structured responsibly with the right guidance to support both immediate needs and future financial goals.
If you’re unsure whether a private mortgage is the right option, I’m here to help. I’ll review your equity, explain your options clearly, and help you decide on the best path forward
Types of Private Mortgages We Help With
Private mortgages come in different forms, depending on your situation and what you’re trying to achieve. I work with homeowners to identify the right type of private mortgage and structure it responsibly.
First Mortgages: When bank financing isn’t an option, a private lender can provide a first mortgage registered in the primary position on your property.
Second Mortgages: If you already have a first mortgage, a private second mortgage allows you to access additional equity without refinancing.
Bridge Financing: Short-term funding designed to help you manage the gap between buying a new home and selling your current one.
Construction & Renovation Loans: Private lenders can fund new builds or major renovations, with funds released in stages as the project progresses.
I’ll take the time to review your situation and help you choose the option that makes the most sense for you.
Get a Private Mortgage Today!
I understand that there are times when a private mortgage in Mississauga or GTA is the right solution. I work with homeowners to access their home equity even when credit challenges or lower income make traditional bank financing difficult.
The application process: When you work with me, the application process is much simpler. Most of it is completed online, and the focus is placed on your property and available equity rather than heavily scrutinizing your financial history.
Personalized service: Private mortgages allow me to offer a more personalized approach. I take the time to understand your situation and recommend mortgage options that best fit your needs, rather than forcing you into strict bank guidelines.
Freedom of choice: With a private mortgage, you have more flexibility and control. Unlike bank lending, where options are limited, I’m able to present multiple solutions and help you choose the one that works best for you.
Declared Income Program
A Declared Income Program is a mortgage option designed mainly for self-employed borrowers or individuals with non-traditional income who earn enough money but may not be able to fully document it using standard bank paperwork. This mortgage is for self-employed individuals, truck drivers, consultants, contractors, and commissioned salespeople etc.
Instead of providing detailed tax returns or traditional income verification, borrowers declare their income, and the lender uses this along with other factors—such as credit history, property value, and overall financial strength—to assess the application.
How a Declared Income Program Works in Canada
- Borrowers state (or “declare”) their annual income
- Income must be reasonable and supportable based on the borrower’s profession, business, and lifestyle
- Lenders may still ask for basic documentation such as bank statements, business licenses, or NOAs
- Approval is often combined with stronger equity or a higher down payment
ADVANTAGES
Qualification is based on the income as declared by the borrowers on the application, making home ownership easier.
Minimum 570 score
Minimum 10% down payment from own resources
Need :• Articles of Incorporation • Business License • HST/GST return
Must be two years in same business
Maximum Loan Amount $1,250,000 - maximum $1,500,000 exception for the City of Toronto
PRE PAYMENT ALLOWED
- Secondary financing from third parties is permitted up to 85%
- Minimum 570 beacon score
NO BANK STATEMENTS
- Bankruptcy – minimum 6 months past the discharge date
- Minimum 10% down payment from own resources
- Need :• Articles of Incorporation • Business License • HST/GST return
FAQ
A private mortgage is a loan secured against your property, offered by private lenders rather than traditional banks. It’s designed for borrowers who need fast access to funds, may not meet strict bank requirements, or require flexible lending solutions. Private mortgages are secured by real estate, making them lower risk for lenders.
Unlike bank mortgages, private mortgages focus on the property value rather than just your credit score or income. Approval is usually faster and more flexible, but interest rates are typically higher than conventional bank loans. Private lenders also provide solutions for unique situations, like refinancing or bridging loans.
We typically need proof of property ownership, a current mortgage statement, identification, and income verification. Additional documents may include property tax records or appraisals, depending on your situation. Providing complete documents ensures a faster, smoother approval process.
Fees typically include administrative, appraisal, and legal costs, which vary by loan and property type. Lendworth ensures transparency, so you’ll know all fees before signing. Some borrowers may also encounter mortgage setup or renewal fees.
Private mortgage terms typically range from 6 months to 3 years. Short-term terms allow borrowers to address immediate financial needs or refinance later. Lendworth can tailor the term based on your specific goals.
Private mortgages can be secured against residential homes, condos, multi-family units, and sometimes even commercial properties. The key factor is the property’s value and equity, which provides security for the lender.
Most private mortgages are short-term, usually lasting 6 months to 2 years. They’re designed to provide quick access to funds for immediate needs. Many borrowers use them as a bridge before securing a traditional long-term mortgage.
Private mortgages are known for fast approvals. Many borrowers can access funds within a few days to a few weeks, depending on the complexity of the deal and document submission. This speed makes them ideal for urgent financial needs.
With a private mortgage, the amount you can borrow usually depends on your property’s value and equity. Lenders often offer 50% to 75% of the property’s appraised value. Your personal income and credit may be considered, but the focus is mainly on the security the property provides.
Yes, working with a mortgage broker can be very helpful for a private mortgage. Brokers have access to multiple private lenders, helping you find the best rates and terms. They also guide you through the application process, ensuring a faster and smoother approval.
Private mortgages are typically approved much faster than traditional bank loans. Many borrowers can get approval within a few days to a couple of weeks. The speed depends on how quickly you provide the required documents and the complexity of your situation.
Yes, private mortgages are often an option for borrowers with less-than-perfect credit. Since private lenders focus on the property value and equity rather than just credit scores, you may still qualify even if traditional banks say no. Each application is reviewed individually.
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