Credit challenges
Private lenders generally focus on equity and the property first. Credit can still affect the rate, the fees and the loan-to-value on offer.
Equity-Based Lending · Toronto & Ontario · Brokerage #13763
5.0 on Google
Private HELOC in Toronto: Equity-Based Lending
A private HELOC in Toronto gives homeowners access to their home equity as a revolving line of credit. Private lenders look at the equity in your property first, which can open options for Toronto homeowners with credit challenges, self-employed income, consumer proposals or past bankruptcies. Current rates are shown below. FSRA Brokerage #13763.
5.0 on GoogleStep 1 of 3
Where are you at right now?
No obligation
Current private HELOC rates
Popular Choice
Private HELOC / 1st position
Up to 75% LTV
7.75% per year
- Revolving access: draw what you need, repay and redraw
- Equity is the main qualifier, alongside the property and your file
- Lender fees and broker fees, where they apply, are disclosed in writing before you commit
Private HELOC / 2nd position
Up to 75% combined LTV
9.75% per year
- Sits behind your existing first mortgage, which stays in place
- Priced above a 1st-position loan because the lender ranks second
- Lender fees and broker fees, where they apply, are disclosed in writing before you commit
As of June 2026. Indicative rates for well-qualified applicants, OAC. Rates change. Private HELOCs generally carry higher rates and fees than bank HELOCs.
How to get a private HELOC in Toronto
01
Equity assessment
We verify your property value and work out your available equity. Depending on the lender, a drive-by appraisal or automated valuation may be enough.
02
Lender matching
lendsimpl matches your profile to private HELOC lenders that fit your equity, property and goals.
03
Application
Your application goes in with the documents the lender requires. Private lenders often ask for less income documentation than banks.
04
Legal & funding
Your lawyer registers the HELOC against your property. Funds are advanced once the lender's conditions are met.
05
Revolving access
Your private HELOC is open for draws. Borrow, repay and reborrow up to your approved credit limit.
Built for the files banks decline
01
Equity comes first
A bank HELOC qualifies the borrower on credit, income and qualifying rules. A private HELOC looks first at the property and the equity in it.
02
Private lenders compared
We work with MIC lenders and private mortgage companies across Ontario and match your equity position and property type to lenders that fit.
03
Complex profiles considered
Credit challenges, self-employed income, consumer proposals, bankruptcies or open collections are the kinds of files banks often decline. Private lenders consider them case by case.
04
Costs explained up front
Private HELOCs generally carry higher rates and fees than bank HELOCs. Lender fees and broker fees, where they apply, are disclosed in writing before you commit.
5.0 on Google
Verified reviews
Up to 75%
LTV on 1st position
Revolving
Draw, repay and redraw
30 minutes
Call with a licensed broker
Private HELOC
Tissa RatnayakeLicensed Mortgage Broker
Anne XavierLicensed Mortgage Broker
What is a private HELOC?
A private HELOC is a revolving line of credit secured against your home and funded by private lenders, such as MICs (Mortgage Investment Corporations) and private mortgage companies. The equity in your Toronto home is the main qualifier. It is arranged through a licensed mortgage broker like lendsimpl.
You'll be talking to
Tissa RatnayakeLicensed Mortgage BrokerAnne XavierLicensed Mortgage BrokerNot a call centre, real people, individually FSRA-licensed.
FSRA licensed. Full disclosure.
FSRA Licensed #13763
lendsimpl is licensed and regulated by FSRA (Brokerage #13763), required to disclose fully and act in your interest. Every mortgage agent is individually licensed.
Full fee disclosure
Any fee that applies to your file is disclosed in writing before you commit.
Your data stays private
Your information is encrypted and handled under our privacy policy, and shared with the lenders relevant to your file.
Client reviews
What Toronto and Ontario homeowners say
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.”
A
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!”
T
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.”
A
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.”
J
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.”
R
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.”
S
Sunrise Meadows
Google review · 11 mo ago
Private HELOC resources: Toronto & Ontario.
Who qualifies for a private HELOC in Toronto?
Private HELOC lenders underwrite primarily on your property equity. These profiles are often considered even when a bank has said no.
Self-employed homeowners
Self-employed borrowers who write off income and show low taxable income may qualify with less income documentation than a bank requires. Requirements vary by lender.
After a consumer proposal
Waiting periods at banks can be long. Private lenders may consider homeowners during or after a consumer proposal, depending on equity and the lender.
After a bankruptcy
Private lenders may consider homeowners after a bankruptcy, depending on equity, the property and the lender.
Open collections or mortgage arrears
Active collections and past mortgage arrears are not automatic disqualifiers. Lenders weigh equity position and property strength.
Newcomers to Canada
Thin or no Canadian credit history can limit bank options. Newcomer homeowners with enough equity may be considered based on the property and the file.
Irregular or changing income
Commission, contract or seasonal income can be hard for banks to qualify. Private lenders look at the equity first.
A defined exit plan
Private lenders prefer a clear plan to move back to a bank or alternative lender, such as after a credit rebuild or an income change. We help you plan it.
Bank HELOC vs. private HELOC
| Factor | Bank HELOC | Private HELOC |
|---|---|---|
| What is assessed | Income, credit and qualifying rules | Property equity first, plus your file |
| Income documentation | Usually required | Depends on the lender |
| Cost | Generally lower rates and fees | Generally higher rates and fees |
| After a credit event | Waiting periods usually apply | Considered case by case |
| Structure | Open-ended revolving line | Usually shorter terms with an exit plan |
Lender requirements vary. Your broker confirms what applies to your file.
Private HELOC Toronto, frequently asked questions
Straight answers on eligibility, rates and process, so you know what to expect before you apply.
Have a question we didn't answer?
Our licensed broker team is happy to help.
A private HELOC is arranged through a licensed mortgage broker like lendsimpl, who connects you with MIC lenders (Mortgage Investment Corporations) and private mortgage companies operating in Ontario. We review your equity, property and goals, then compare lenders that fit your file.
Private lenders generally focus on the equity in your property first, so credit challenges do not rule out a private HELOC. Credit can still affect the rate, the fees and the loan-to-value a lender will offer.
Rates depend on the loan-to-value ratio, the mortgage position (1st or 2nd), the property type and the lender. Private HELOCs generally carry higher rates and fees than bank HELOCs. See the rate cards on this page for current indicative rates.
Lenders set their own limits. The indicative rates on this page go up to 75% loan-to-value, and a 2nd-position HELOC is measured against your combined mortgage balances. The more equity you have, the more options you usually have.
Timelines depend on the lender, the valuation and how quickly documents and legal steps are completed. We confirm a realistic timeline for your file once the lender is chosen.
A bank HELOC qualifies the borrower on credit, income and qualifying rules, and generally costs less. A private HELOC looks first at the property and the equity in it, and generally costs more. We compare both so you can see the trade-offs.
Lender fees and broker fees, where they apply, are disclosed in writing before you commit.
lendsimpl is licensed and regulated by FSRA (Brokerage #13763), required to disclose fully and act in your interest. We serve Toronto and communities across Ontario.
Still have questions?
Talk to a licensed broker.
Toronto & Ontario-wide
Private HELOC service across Toronto, the GTA and Ontario, wherever your property is located.
TorontoNorth YorkScarboroughEtobicokeMississaugaBramptonVaughanMarkhamRichmond HillOakvilleHamiltonOntario-wide
Important
Disclosures.
Rates & approvals
Rates shown are indicative as of June 2026 for well-qualified applicants, subject to lender approval (OAC), and can change without notice.
Brokerage disclosure
Any fee that applies to your file is disclosed in writing before you commit.
Private lending
Private HELOCs generally carry higher rates and fees than bank HELOCs. Your broker discloses the rate, fees and terms in writing before you proceed.
Private HELOC · Toronto & Ontario
Explore your Toronto home equity options with a licensed broker.
lendsimpl is licensed and regulated by FSRA (Brokerage #13763), required to disclose fully and act in your interest. We compare private HELOC lenders across Ontario for Toronto homeowners, including those with credit challenges or self-employed income.
L
lendsimpl
Licensed Ontario Mortgage Broker
Private HELOC
30 min appointmentPhone call
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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