What is a private mortgage in Canada?

A private mortgage is a loan secured against real estate from a private lender (an individual or MIC fund) rather than a bank or credit union. Private lenders have more flexible approval criteria — they focus on the property's equity (LTV) rather than income or credit score. They are typically used for 1-year terms while borrowers restructure their finances to qualify for conventional financing.

What are private mortgage rates in Ontario for 2026?

Private mortgage rates in Ontario typically range from 7% to 12% for first mortgages and 10% to 14% for second mortgages, depending on LTV, property type, and borrower risk. Lender fees of 1–3% and broker fees of 1–2% also apply. Rates are negotiable — a licensed broker with existing private lender relationships often secures significantly better terms.

What is the maximum LTV for a private mortgage in Ontario?

Most private lenders in Ontario will lend up to 75–80% LTV on first mortgages for urban properties. Second mortgages (combined with the first) are typically capped at 80–85% of appraised value. Rural, unique, or hard-to-appraise properties may be capped lower. Always get an independent appraisal before applying.

What fees does a private mortgage have in Ontario?

Private mortgage fees typically include: (1) lender fee — 1–3% of the loan amount; (2) broker fee — 1–2%; (3) legal fees — $1,500–$3,000; (4) appraisal — $400–$700; (5) title insurance — $300–$500. Most fees are deducted from the advance (in-hand amount). This calculator shows the net amount you receive after fees.

How quickly can a private mortgage close in Ontario?

Private mortgages in Ontario can close in 5–10 business days compared to 30–45 days for bank mortgages. Speed is often the primary reason borrowers choose private. Brokers with established private lender relationships can sometimes close in 48–72 hours for urgent situations.

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

Yes — private lenders focus on equity (LTV) rather than credit score. As long as you have sufficient equity in your property (typically 20–25% or more), most private lenders will approve regardless of credit history. However, a lower credit score may result in a higher rate or lower maximum LTV.

What is the difference between a 1st and 2nd private mortgage in Canada?

A first private mortgage has first-charge priority against the property — the lender is repaid first in a default scenario. A second private mortgage sits behind an existing first mortgage and carries more risk, so rates are typically 2–4% higher. Combined LTV (first + second) is usually capped at 80–85% of appraised value by most private lenders.

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Need a private mortgage in Kitchener? Our calculator estimates monthly payments, lender fees, and total costs for private mortgages on Kitchener properties. Compare B-lender vs private lender options and find the most affordable short-term solution in the Southwest Ontario region.

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Key Facts · Kitchener

8–14%

Typical private mortgage rates

Rate range8%–14%

Lender fee1%–3%

Typical term6–24 months

Max LTVUp to 85%

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Private Mortgage Calculator in Kitchener — Frequently Asked Questions

What are private mortgage rates in Kitchener?

Private mortgage rates in Kitchener typically range from 8% to 14%, depending on loan-to-value ratio, property type, and exit strategy. Lender fees of 1–3% also apply. Our calculator shows exact costs for Kitchener properties.

When should I consider a private mortgage in Kitchener?

A private mortgage in Kitchener makes sense when you can't qualify with A-lenders or B-lenders — common scenarios include self-employment, poor credit, unconventional properties, or urgent bridge financing. It's a short-term solution (6–24 months).

How does a private mortgage broker in Kitchener help?

A licensed mortgage broker in Kitchener (like lendsimpl, FSRA #13763) has access to dozens of private lenders and can negotiate the best rates and terms for your specific situation. We help Kitchener homeowners find the right exit strategy too.

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