Brokerage #13763
Self-employed income can be hard to show on paper. Private lenders look closely at your home equity, the property and how the loan will be repaid. Here is how a private HELOC works, what it costs and what to expect.
5.0 on GoogleFSRA Brokerage #13763Ontario-wideWhere are you at right now?
No obligation
Up to 75% LTV
7.75% per year
Up to 75% combined LTV
9.75% per year
As of June 2026
Tell us your property value, mortgage balance and what you need the funds for. We review your situation and equity position.
We arrange a valuation to confirm your home's current value and equity.
We match the file to the lender type that fits your equity, property and timeline, then walk you through the terms.
The lender reviews the equity, the property, your credit and your repayment plan, then issues its approval and conditions.
Once conditions are met and the paperwork is signed, the HELOC is set up and you can draw on it.
Banks assess income from your filed returns and notices of assessment, which can show less than you actually earn.
Business deductions reduce taxable income. That can push debt ratios past a bank's limits even when cash flow is strong.
Bank HELOCs are tested at a higher rate than you would actually pay, which can reduce the amount you qualify for.
Banks often want an established history of self-employment and consistent filings. A newer business or a weaker year can slow things down.
5.0 on Google
Verified reviews
Up to 75%
Combined LTV on private HELOCs
Equity-based
Home equity is the main focus
30 minutes
Call to review your equity
FSRA Licensed
Ontario-wide
What a private lender looks at when it reviews a HELOC.
You'll be talking to
Tissa RatnayakeLicensed Mortgage Broker
Anne XavierLicensed Mortgage BrokerNot a call centre, real people, individually FSRA-licensed.
lendsimpl is licensed and regulated by FSRA (Brokerage #13763), required to disclose fully and act in your interest.
Lender fees and broker fees, where they apply, are disclosed in writing before you commit.
Your information is handled under our privacy policy.
You see the rate, term and costs in writing before you decide.
5.0/5 average rating on Google
“Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic professional who gets results.”
Aruna Bandaranayake
Google review · 6 mo ago
“Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!”
Tommy Ravindran
Google review · 7 mo ago
“Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution.”
Avy Loc
Google review · 8 mo ago
“Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at a great rate.”
John Abraham
Google review · 8 mo ago
“I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, transparent, and always quick to respond to my questions. I highly recommend him.”
Rz
Google review · 8 mo ago
“I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my business so efficiently. I highly recommend them for your financing needs. Five stars from us.”
Sunrise Meadows
Google review · 11 mo ago
Private lenders lend against the value of your home and the equity you hold in it.
Location, type and condition affect what a lender will offer.
Lenders want to know how the loan will be repaid or refinanced.
Your credit history is part of the file, though lenders weigh it differently than banks do.
Unincorporated self-employed individuals who file a T2125 with their T1 General.
Owners who pay themselves through salary or dividends, where taxable income may be lower than business cash flow.
Income that changes from month to month can be hard for a bank to average.
Strong years and slower years can both appear in a bank's income calculation.
Each lender sets its own requirements, and we tell you what yours would need.
How a bank HELOC and a private HELOC compare for self-employed Ontario homeowners.
| Factor | Bank HELOC | Private HELOC |
|---|---|---|
| Income review | Reviewed against tax filings and bank rules | Equity, the property and your repayment plan carry more weight |
| Qualification rules | Stress test and bank qualification rules apply | The lender sets its own rules |
| Credit review | Credit history carries heavy weight | More flexibility, though credit is still reviewed |
| Rate | Usually lower | Usually higher, reflecting added flexibility |
| Term and use | Revolving access tied to prime | Revolving access, usually shorter terms, with a plan for the end of the term |
Terms vary by lender, equity and property.
The amount depends on your home's value, your existing mortgage and the lender's maximum loan to value. As an illustration, a home worth $1,000,000 with a $400,000 first mortgage and a 75% combined limit supports up to $350,000 ($750,000 minus $400,000). Lenders set their own limits, and the final amount depends on the property and your file.
| Example | Property Value | Mortgage Balance | Max LTV | Available HELOC |
|---|---|---|---|---|
| Toronto property | $900,000 | $500,000 | 75% | $175,000 |
| GTA / Hamilton property | $700,000 | $350,000 | 75% | $175,000 |
| Ottawa property | $650,000 | $280,000 | 75% | $207,500 |
| Smaller Ontario city | $500,000 | $250,000 | 75% | $125,000 |
Illustrative examples only, not an offer or approval.
Tell us how you earn, what you own and what you need the funds for. We work out your options before you apply anywhere.
Private HELOC lenders price and approve differently. We compare lender types for your property and file.
Rates, terms and how the loan ends are explained before you commit.
You work with licensed mortgage professionals at an FSRA-regulated brokerage.
Straight answers on documents and approval, so you know what to expect before you apply.
Have a question we didn't answer?
Our licensed broker team is happy to help.
Yes, through different routes. Banks assess HELOCs on documented income, which can be hard to show when write-offs lower taxable income. Private lenders focus more on home equity, the property and how the loan will be repaid. Which route fits depends on your equity, credit and goals.
Banks read income from filed tax returns and apply qualification rules, including a stress test, that use a higher rate than you would pay. Business write-offs lower declared income, so debt ratios can land outside bank limits even when your cash flow is healthy.
Typically ID, proof of ownership, your property tax bill, your current mortgage statement and details about the property. Some lenders also ask for business information or bank statements to understand your finances and your repayment plan. Each lender decides, and we tell you what yours needs.
Pricing depends on your equity position, whether the loan sits in first or second position, the property and the lender. Rates are usually higher than bank HELOCs, reflecting added flexibility. Current starting rates are shown above. Lender fees and broker fees, where they apply, are disclosed in writing before you commit.
Private lenders lend against your home's equity. The amount depends on the property's value, your existing mortgage and the lender's maximum loan to value. As an illustration, a $1,000,000 home with a $400,000 first mortgage and a 75% combined limit supports up to $350,000. Lenders set their own limits.
A first position HELOC is registered ahead of any other mortgage on the property. A second position HELOC sits behind your existing first mortgage, which stays in place. Second position loans are usually priced higher because the lender ranks behind the first mortgage.
We review your equity and goals, arrange a valuation, match the file to a lender and walk you through the terms. Timing depends on the property, the valuation and the lender's conditions, so we give you a timeline for your file instead of a general promise.
Private HELOCs usually run on shorter terms and are meant to be repaid or moved to a lower-cost option, such as a bank product, once your income or credit position allows. We discuss your plan for the end of the term before you commit.
Still have questions?
Talk to a licensed broker.
From downtown Toronto to secondary markets across the province, we arrange private HELOCs wherever your property is located.
Important
Rates & approvals
Starting rates for private HELOCs. Rates, LTV and terms vary by lender, equity position and property. Lender fees and broker fees, where they apply, are disclosed in writing before you commit.
Brokerage disclosure
lendsimpl is an FSRA-licensed mortgage brokerage (Brokerage #13763) serving Toronto and Ontario. Rates, lender terms and approval timelines vary by borrower profile and lender. All applicable fees are disclosed in writing before you proceed, as required by FSRA regulations.
lendsimpl works with private HELOC lenders across Ontario. Tell us about your property and your situation, and we will explain your options.
Hello: I look forward to connecting with you. Tell us a bit about your situation and we'll walk through your options.
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lendsimpl is a Financial Services Regulatory Authority of Ontario (FSRA) licensed mortgage brokerage, Brokerage #13763. Nothing on this page is a mortgage offer, a rate quote or legal advice. Mortgage pricing varies by credit profile, down payment or equity, income type, property type, loan-to-value, term and lender, changes frequently, and is subject to lender approval and underwriting conditions, not every applicant qualifies for the rates shown. All applicable fees are disclosed in writing before you proceed. OAC. E&OE.
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