209 - 3852 Finch Ave E, Toronto, ON M1T 3T9
Brokerage #13763
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Brokerage #13763
Rejected by your bank? You're not alone. We work with private lenders who approve HELOCs based on your home equity — not your credit score. Access revolving credit even with bad credit, low income, or prior bankruptcy.
This estimate uses your property's current value to calculate the maximum equity you may be able to access through a HELOC.
Your current mortgage balance helps estimate how much additional HELOC room may be available under combined borrowing limits.
Your total available equity
Estimate only. Based on typical Canadian federally regulated lender guidelines. Actual limits depend on lender underwriting, appraisal, and product structure.
A private HELOC (Home Equity Line of Credit) is a revolving credit line secured by your home equity, provided by private lenders instead of banks. Unlike bank HELOCs, private HELOCs have no credit score requirement, no income verification, and no stress test.
Best for bad credit borrowers, self-employed homeowners, and anyone rejected by banks. Available across Ontario. Check eligibility →
A private Home Equity Line of Credit (HELOC) is a revolving credit facility secured against your home's equity, provided by private lenders instead of banks. Unlike traditional HELOCs that require excellent credit scores (650+), private HELOCs focus on the equity in your home — making them the ideal solution for borrowers rejected by banks.
Private lenders in Ontario evaluate your application based on property value and available equity — not income verification or credit history. This means homeowners with bad credit, recent bankruptcy, CRA debt, or self-employment income can still access revolving credit at competitive private lending rates.
Private lenders approve up to 75% LTV — more equity access than traditional banks. Use these calculators to see your potential.
This estimate uses your property's current value to calculate the maximum equity you may be able to access through a HELOC.
Your current mortgage balance helps estimate how much additional HELOC room may be available under combined borrowing limits.
Your total available equity
Estimate only. Based on typical Canadian federally regulated lender guidelines. Actual limits depend on lender underwriting, appraisal, and product structure.
Illustrative only. Private HELOC rate ~9.99%. Credit card ~19.9%.
Private HELOCs are built for homeowners who have equity but don't fit the bank's rigid criteria. Here's when a private HELOC makes sense.
Banks reject borrowers with credit scores below 650, irregular income, or high debt ratios. Private HELOC lenders focus on your home equity — not your credit bureau. If you own a home in Ontario with equity, you likely qualify.
Apply NowConsolidate high-interest credit card balances (19.9%+) into a single private HELOC at 7.99%–12.99%. A popular debt consolidation strategy that saves hundreds per month. Interest-only payments keep cash flow manageable.
Calculate SavingsTraditional lenders require T4s, NOAs, and employment letters. Private HELOC lenders don't verify income — they verify equity. Freelancers, gig workers, and business owners approved daily.
Self-Employed OptionsNeed $50K–$300K for renovations but can't qualify at the bank? A private HELOC gives you revolving access to fund projects in stages — you only pay interest on what you draw. No lump-sum commitment.
Learn MoreUse a private HELOC to fund a rental property down payment, business expansion, or financial investments. The interest may be tax-deductible when used for income-producing purposes. Build wealth even with imperfect credit.
Talk to a BrokerLife doesn't wait for bank timelines. Private HELOCs can be approved in 24 hours and funded within 48 hours. CRA liens, legal settlements, bridge financing — we handle urgent situations daily.
Apply for Fast FundingWhich situation sounds like you? Private HELOCs are built for real people in real situations — not just those with perfect credit.
Prior bankruptcy, consumer proposal, or collections. Banks won't touch you — but private lenders see your equity, not your past.
Business owners, freelancers, and contractors with irregular income. No T4s needed — your home equity qualifies you.
CRA tax debt, legal settlements, bridge financing, or unexpected expenses. Banks take weeks. We fund in hours.
Credit cards at 19.9%, personal loans at 14%. Roll everything into one private HELOC payment and save thousands annually.
From first call to funded — fast, simple, and stress-free. No hard credit pull to start.
Speak with a licensed mortgage broker. No credit check needed to start. We assess your situation and explain your private HELOC options.
Your home's value and available equity determine your HELOC limit. We arrange a quick appraisal (sometimes a desktop valuation suffices).
We match you with the best private lender from our network of 50+ lenders. We negotiate rates and terms on your behalf for the lowest cost.
Once approved, funds can be available within 24–48 hours. Your HELOC is registered as a revolving credit facility — draw and repay as needed.
We believe in transparency. Here's the honest truth about private HELOCs — the good and the trade-offs.
Bad credit, bankruptcy, consumer proposals — private lenders evaluate equity, not your credit bureau.
Banks take 2–4 weeks. Private HELOCs can be approved and funded within 24–48 hours.
Lower monthly payments — you only pay interest on the amount drawn, preserving cash flow.
Access more equity than bank HELOCs (capped at 65%). More equity = more borrowing power.
Self-employed? Irregular income? Private lenders don't require T4s, NOAs, or employment letters.
Draw, repay, and redraw as needed. Only pay interest on what you use. Flexible like a credit card.
Private HELOC rates (7.99%–12.99%) are higher than bank HELOCs (Prime + 0.50%). The trade-off is access.
Private HELOCs are typically 1–3 year terms. The goal: rebuild credit and refinance to a bank HELOC.
Expect 1%–3% lender fees and possible broker fees. These are often added to the HELOC balance.
Most clients use a private HELOC as a bridge — access equity now, rebuild credit over 12–24 months, then refinance into a lower-rate bank HELOC. We help you plan the exit strategy from day one.
Private HELOC qualification is simpler than you think. If you own a home with equity, you're likely eligible — regardless of credit or income.
Residential property — house, townhouse, condo. Your home is the collateral for the private HELOC.
At least 25% equity (LTV below 75%). The more equity you have, the better rates and higher limits you'll receive.
No minimum credit score. Bad credit, bankruptcy, consumer proposals, CRA liens — all considered.
Self-employed, retired, unemployed, disability income — no T4s or NOAs needed for most private HELOCs.
Standard residential properties in Ontario qualify. Some restrictions on rural or non-standard properties.
Compare HELOC rates across lender types. Private HELOC rates start from 7.99% — significantly lower than credit cards and personal loans.
Rates are illustrative and subject to change. Your actual rate depends on equity, property type, and lender. Contact us for a personalized quote.
Names abbreviated for privacy. These reflect real funded deals arranged by lendsimpl brokers.
“After my divorce, my credit was destroyed. Every bank turned me away. lendsimpl connected me with a private lender who approved a $120K HELOC in 2 days. I consolidated all my debt and now I'm rebuilding my credit.”
Sarah M.
Toronto, Ontario
No hidden surprises. Here's every cost associated with a private HELOC in Ontario — we disclose all fees before you commit.
Yes — in most cases, lender fees, legal costs, and appraisal fees can be added directly to your private HELOC balance. This means you don't need upfront cash to access your home equity. Ask us about zero-out-of-pocket options.
A $150K private HELOC at 9.99% with a 2% lender fee = $3,000 lender fee + ~$2,000 legal costs + $400 appraisal = ~$5,400 total closing costs. Monthly interest-only payment: ~$1,249/mo. Much less than credit card minimums on equivalent debt.
All fees vary by lender and situation. Your broker provides a full written cost disclosure before you sign anything.
A private HELOC is a bridge, not a destination. We plan your exit strategy from day one — here's the typical 12–24 month path back to lower bank rates.
Use your private HELOC to consolidate debts. Set up automatic bill payments. Begin building consistent payment history.
On-time payments start improving your score. Keep credit utilization below 30%. Avoid new hard credit inquiries.
Credit score approaches 600–650 range. Debt-to-income ratio improves. Your broker reviews bank eligibility quarterly.
Qualify for a bank HELOC at Prime + 0.50% (~5.95%). Discharge the private HELOC. Save thousands annually on interest.
$150K private HELOC at 9.99% = ~$1,249/mo interest. After 18 months of credit rebuilding, refinance to a bank HELOC at Prime + 0.50% (~5.95%) = ~$744/mo. You save $505/month ($6,060/year) while gaining permanent revolving credit access. We help every client build this plan.
See how Ontario homeowners used private HELOCs to solve real financial problems — and their path back to bank-level rates.
Credit score: 480 | Discharged bankruptcy 8 months ago
Maria, a Toronto homeowner, was discharged from bankruptcy but had $45K in credit card debt re-accumulating. No bank would touch her despite $320K in home equity on a $780K property.
We matched Maria with a private lender offering a $180K HELOC at 9.49% in first position. She consolidated all debts, dropped her monthly payments by $1,200, and started rebuilding her credit.
18 months later, Maria's credit score reached 645. We refinanced her into a bank HELOC at Prime + 0.50% — saving $680/month compared to her original private rate.
Self-employed contractor | No T4s | Credit score: 590
David runs a successful contracting business but couldn't prove income the way banks require. He needed $95K for a home addition that would add $180K+ in property value.
Despite his 590 credit score and no traditional income proof, we secured a private HELOC at 8.99% based on his strong equity position (58% LTV). Funds were available in 36 hours.
David completed the renovation, increasing his home value by $195K. With the improved LTV and 12 months of clean payments, he qualified for a bank HELOC at 6.2%.
CRA lien threat | Dual income but tax arrears | Credit score: 520
James and Lisa owed $67K to CRA and received a lien notice. Banks wouldn't approve any lending with active tax arrears. They had 30 days before a property lien was registered.
Emergency private HELOC approved in 24 hours for $110K at 10.49%. $67K cleared the CRA immediately. Remaining $43K consolidated credit card balances. Total monthly payment dropped by $890.
CRA lien was avoided. With the cleared arrears and 14 months of consistent payments, the couple refinanced to a B-lender at 6.99% — then to a bank product at 24 months.
Names changed for privacy. Scenarios are representative of actual client results.
Get Your Free Private HELOC QuoteHow does a private HELOC stack up against bank HELOCs, private mortgages, second mortgages, and credit cards? Here's the complete comparison.
| Feature | Private
HELOC RECOMMENDED | Bank HELOC | Private Mortgage | Second Mortgage | Credit Cards |
|---|---|---|---|---|---|
| Type | Revolving | Revolving | Fixed lump sum | Fixed lump sum | Revolving |
| Interest Rate | 7.99–12.99% | Prime+0.50% | 8.99–14.99% | 9.99–14.99% | 19.9–29.9% |
| Credit Score | Any | 650+ | Any | Any | 600+ |
| Income Proof | No | Yes | No | No | Yes |
| Max LTV | 75% | 65% | 75% | 75% | N/A |
| Approval Speed | 24–48h | 2–4 weeks | 24–48h | 24–48h | Instant |
| Payment Type | Interest-only | Interest-only | P+I or I/O | P+I | Min payment |
| Draw & Repay | Yes | Yes | No | No | Yes |
| Stress Test | No | Yes | No | No | No |
| Tax Deductible* | If invested | If invested | If invested | If invested | No |
| Best For | Flexible equity access bad credit | Strong credit homeowners | One-time lump sum need | Preserve first mortgage rate | Small revolving purchases |
*Tax deductibility depends on use of funds. Consult a tax professional. Rates are illustrative and subject to change.
Not sure a private HELOC is the right fit? Here are the most common alternatives our clients consider.
We arrange private HELOCs for homeowners throughout Ontario — the Greater Toronto Area, Hamilton, Ottawa, London, Kitchener-Waterloo, Barrie, and most urban and suburban markets. Our lender network covers residential properties province-wide.
Not sure if your area qualifies? Ask a broker — the initial consultation is free.
Everything Ontario homeowners need to know about private HELOCs — rates, eligibility, process, and more.
A private HELOC is a revolving home equity line of credit provided by private lenders (individuals and Mortgage Investment Corporations) instead of banks. The key difference: private lenders approve based on your home equity, not credit score or income. This means borrowers with bad credit, bankruptcy, or self-employment income can access revolving credit that banks would deny.
Yes — bad credit is the most common reason borrowers choose private HELOCs. Private lenders don't have minimum credit score requirements. Whether you have a score of 400, a recent bankruptcy, a consumer proposal, or collections — if you have at least 25% equity in your Ontario home, you can likely qualify for a private HELOC.
Most private HELOCs are approved within 24 hours and funded within 24–48 hours. This is significantly faster than bank HELOCs which typically take 2–4 weeks. Private lenders have streamlined processes because they focus on equity, not complex income and credit analysis.
Private HELOC rates in Ontario range from 7.99% to 12.99% depending on your equity position, property type, and lender. First-position private HELOCs typically start at 7.99%, while second-position HELOCs start at 9.99%. These rates are higher than bank HELOCs (Prime + 0.50%) but significantly lower than credit cards (19.9%+).
No. Most private HELOC lenders do not require income verification. You don't need T4s, Notices of Assessment, employment letters, or pay stubs. This makes private HELOCs ideal for self-employed borrowers, gig workers, retirees, and anyone with irregular or difficult-to-prove income.
Private HELOCs can go up to 75% of your home's appraised value (LTV), minus your existing mortgage. For example, a $900,000 home with a $400,000 mortgage could access up to $275,000 in private HELOC credit. There's no fixed dollar limit — it depends on your property and equity.
A private HELOC is revolving credit — you draw and repay as needed, like a credit card. You only pay interest on what you use. A private mortgage is a fixed lump-sum loan with set monthly payments. Choose a HELOC if you need flexible, ongoing access; choose a mortgage if you need one specific amount.
Absolutely — this is one of the most common uses. Consolidate credit cards (19.9%), personal loans (12%–14%), and other high-interest debts into a single private HELOC payment at 7.99%–12.99%. This can save you hundreds or thousands per month in interest charges.
Yes. Private lenders regularly approve borrowers with active consumer proposals, discharged bankruptcies, and even undischarged bankruptcies (with court permission). The primary consideration is your home equity, not your insolvency history.
Typical fees include: lender fee (1%–3% of the HELOC amount), legal/closing costs ($1,500–$2,500), appraisal fee ($300–$500), and possibly a broker fee. Many of these fees can be added to the HELOC balance so you don't need upfront cash. Always ask for a full fee breakdown before committing.
Yes — most private HELOCs require interest-only payments on the amount drawn. This keeps monthly payments significantly lower than principal-and-interest loans. You can make voluntary principal payments at any time to reduce your balance.
This is called an 'exit strategy' and we plan it from day one. Use the private HELOC for 12–24 months while rebuilding your credit. Pay bills on time, reduce debt ratios, and improve your score to 650+. Once qualified, refinance to a bank HELOC at Prime + 0.50% — saving significantly on interest.
Yes — private lenders offer HELOCs on investment properties, rental properties, and multi-unit buildings. Rates may be slightly higher than owner-occupied properties, but the same equity-based qualification applies. No rental income verification is typically needed.
Your initial consultation is completely free — no obligation, no credit check to start. We compare private HELOC options across 50+ lenders to find you the lowest rate and best terms. Our fee structure is fully transparent and disclosed before you commit to anything.
We serve all of Ontario — Toronto, Mississauga, Brampton, Hamilton, Ottawa, London, Kitchener, Barrie, and every city and town in between. Our private lender network covers urban, suburban, and most rural Ontario properties.
Yes — if you're behind on mortgage payments and facing power of sale, a private HELOC can provide emergency funds to bring your mortgage current. This is one of the most urgent use cases we handle. Time is critical — contact us immediately if you're in this situation.
Additional questions we get from Ontario homeowners exploring private HELOC options.
We're not a lead-gen site. lendsimpl is an FSRA-licensed mortgage brokerage with verified credentials and a track record of funded private HELOCs across Ontario.
Every private HELOC we arrange follows a transparent, documented process. You will receive a detailed commitment letter outlining all rates, fees, and terms before you commit. No hidden costs, no pressure.
Every client gets a dedicated broker, full fee disclosure before signing, and a documented exit strategy. We focus on getting you back to bank-level rates within 12–24 months.
A private Home Equity Line of Credit (HELOC) is a revolving credit facility provided by private lenders — individuals and Mortgage Investment Corporations (MICs) — secured against your home's equity. Unlike traditional bank HELOCs that require minimum credit scores of 650+, full income verification, and stress test qualification, private HELOCs are designed for homeowners who have been rejected by conventional lenders.
Private HELOC lenders in Ontario evaluate applications primarily based on property equity. If your home is worth more than your outstanding mortgage (minimum 25% equity), you can access revolving credit regardless of your credit history. This makes private HELOCs the ideal solution for self-employed Canadians, borrowers recovering from bankruptcy or consumer proposals, and homeowners with CRA tax arrears or other financial challenges that disqualify them from bank lending.
In the Greater Toronto Area (GTA) and across Ontario, private HELOC rates typically range from 7.99% to 12.99% — significantly lower than credit card rates (19.9%+) and personal loan rates (12%–18%). While private HELOC rates are higher than bank HELOC rates (Prime + 0.50%), they provide access to revolving credit that would otherwise be completely unavailable to borrowers with challenged credit profiles. First-position private HELOCs carry the lowest rates (7.99%–10.99%), while second-position HELOCs — where you keep your existing first mortgage — typically range from 9.99% to 12.99%. Your actual rate depends on your loan-to-value ratio (LTV), property type, location, and the specific private lender.
The most common reason Canadians seek private HELOCs is bad credit. Since 2020, tighter bank lending policies (including the OSFI B-20 stress test) have pushed more borrowers toward alternative and private lenders. A private HELOC doesn't require a credit check for initial consultation, doesn't apply the stress test, and doesn't require any minimum credit score. Whether your credit score is 400, 500, or anywhere in between — if you have home equity, you can likely access a private HELOC. Borrowers with active consumer proposals, recent bankruptcies (even undischarged with court permission), CRA judgments, and collections are routinely approved by private lenders across Ontario.
This is one of the most common questions we receive. A private HELOC is revolving credit — you draw funds as needed, repay, and redraw, similar to a credit card but secured by your home. You only pay interest on the amount currently drawn. A private mortgage is a fixed lump-sum loan with a set repayment schedule. Choose a private HELOC if you need flexible, ongoing access to funds — for example, renovations done in stages, ongoing business expenses, or a financial safety net. Choose a private mortgage if you need one specific amount for a single purpose (like purchasing a property or paying off a lump sum).
Self-employed borrowers face unique challenges: banks require 2 years of T4s, Notices of Assessment (NOAs), and sometimes business financial statements. Many self-employed Canadians minimize taxable income for tax purposes, which then disqualifies them from bank lending. Private HELOC lenders don't verify income at all — they assess the value of your property and available equity. This makes private HELOCs the go-to product for freelancers, contractors, gig workers, small business owners, and anyone who earns income outside traditional full-time employment.
Debt consolidation is the most popular use case for private HELOCs. If you're carrying $30K+ in credit card debt at 19.9%+ interest, consolidating into a private HELOC at 7.99%–12.99% can save you $500–$1,500 per month in interest charges. The math is compelling: on $60K of credit card debt, you'd pay ~$995/month in interest alone at 19.9%. A private HELOC at 9.99% drops that to ~$500/month — saving $495/month ($5,940/year). Over a 5-year rebuilding period, that's nearly $30,000 in interest savings.
Unlike bank HELOCs (which are priced at Prime + a margin and fluctuate directly with the Bank of Canada overnight rate), most private HELOCs carry fixed rates for the term duration (1–3 years). This means your private HELOC rate won't change mid-term if the Bank of Canada raises or lowers rates. This provides payment predictability — an advantage over variable-rate bank HELOCs during periods of rate volatility. When it's time to renew or refinance, your broker will reassess the rate environment and negotiate the best available terms.
All private HELOCs arranged in Ontario must be facilitated by an FSRA-licensed mortgage brokerage. lendsimpl operates under FSRA Brokerage Licence #13763, ensuring your transaction meets all regulatory requirements including full cost disclosure, suitability assessment, and consumer protection standards. Your private HELOC agreement is a legally binding contract that specifies the credit limit, interest rate, payment terms, discharge conditions, and all fees — reviewed and signed before any funds are advanced. Working with a licensed broker means your interests are protected throughout the entire process.
As an FSRA-licensed mortgage brokerage in Ontario, lendsimpl connects borrowers with our network of 50+ private lenders to find the lowest rate and best terms for their situation. We handle everything from initial consultation (free, no credit check) through to funding — typically within 24–48 hours. Our mortgage brokers specialize in alternative and private lending, and we build exit strategies to help every client transition to a lower-rate bank product as soon as they qualify. Whether you need a private HELOC for debt consolidation, refinancing, renovations, investment, or emergency cash — we have the lender network and expertise to get you funded fast.
Get pre-approved for a private HELOC in Ontario — no credit check to start, no income verification, funded in as fast as 24 hours. Free consultation with a licensed mortgage broker.
lendsimpl · Unit 209 - 3852 Finch Ave E, Toronto, ON M1T 3T9