Bridge Mortgage Ontario — Buy Before You Sell, Funded in 48 Hours

Your current home is sold with a firm closing date. The bridge covers the gap between your purchase closing and your sale closing. This is the lowest-risk bridge scenario — most banks and B-lenders will lend.

Your current home is listed but not yet sold. You need bridge financing to close on the purchase before a firm sale. Higher risk — typically arranged through private lenders or select B-lenders.

Short-term bridge financing for commercial properties in Ontario under lease-up, renovation, or repositioning — transitional financing while stabilising for conventional or CMHC permanent financing.

What is a bridge mortgage in Ontario?

A bridge mortgage (also called a bridge loan) in Ontario is a short-term financing product that lets you buy a new home before your existing home sells. It 'bridges' the gap between the purchase closing date and the sale proceeds from your current property. Bridge mortgages are typically open-ended and repaid when your current home closes. Terms range from 30 days to 12 months depending on whether your home sale is confirmed. lendsimpl arranges bridge mortgages across Ontario through banks, B-lenders, and private lenders — FSRA Brokerage #13763.

What are bridge mortgage rates in Ontario?

Bridge mortgage rates in Ontario depend on whether your existing home sale is confirmed and the lender type: Closed bridge (firm sale in place): Prime + 2–3% = approximately 7.2–8.2% (2026 rates). Open bridge (no firm sale): 8.99–14% through private lenders. Commercial bridge financing: 8.99–14% through private commercial lenders. Bridge rates are higher than standard mortgage rates because they carry higher risk and short terms. The total cost is typically modest given bridge loans are outstanding for only 30–90 days on average.

Do I need to have my home sold to get a bridge mortgage in Ontario?

No. An open bridge mortgage in Ontario does not require a confirmed sale. If your home is listed but unsold, private bridge lenders can advance funds based on your equity in the current property. However, lender options are more limited and rates are higher without a confirmed sale. A closed bridge — where you have a firm, unconditional sale agreement in place — offers the widest lender selection and lowest rates.

How much does a bridge mortgage cost in Ontario?

Bridge mortgage costs in Ontario: Interest: typically Prime + 2–3% for closed bridges (lasts 30–90 days — cost is modest). Administrative / lender fee: $500–$2,500 depending on lender and deal size. Legal fees: $500–$1,500 for bridge registration and discharge. Total all-in cost for a $200,000 bridge over 60 days: approximately $3,500–$6,000 depending on rate and fees. For open bridges via private lenders, rates are higher (9–14%) but the term remains short — total cost is still manageable relative to securing the new property.

Can I get a bridge mortgage with bad credit in Ontario?

Yes. Private bridge mortgage lenders in Ontario approve based on the equity in your existing property — not your credit score. If you have sufficient equity (typically 25%+) in your Ontario home, a private bridge can be arranged without credit qualification or income documentation. This makes private bridge financing accessible for self-employed borrowers, those with credit issues, or borrowers who cannot qualify through conventional lenders.

What is the difference between a bridge mortgage and a private mortgage in Ontario?

A bridge mortgage is a specific short-term product designed to bridge the gap between two real estate transactions (typically buying before selling). A private mortgage is a broader category covering any mortgage funded by a private lender (MIC, individual investor) rather than a bank or regulated lender. Bridge mortgages are often structured as private mortgages when the borrower doesn't have a confirmed sale. Private mortgages can serve many purposes beyond bridging — including long-term financing, equity release, and commercial deals.

How does lendsimpl arrange a bridge mortgage faster than a bank?

Banks require full underwriting for bridge mortgages, which can take 5–10 business days and may not approve if the sale is not firm. lendsimpl accesses the full private lender market — including MICs, trust companies, and individual investors — which can approve and fund bridge mortgages in 24–72 hours. For confirmed-sale bridges, bank lenders are available through lendsimpl at the best closed-bridge rates. lendsimpl holds FSRA Brokerage Licence #13763 and compares all lender tiers to match your timeline and equity position.