Self-Employed Private Mortgage Ontario — income-flexible approvals for business owners.

Yes. A self employed private mortgage in Ontario allows business owners, contractors, freelancers, and incorporated borrowers to get mortgage financing based on their property equity — not their T4 income, NOA, or employment history. Private lenders in Ontario do not require: T4 slips, Notices of Assessment, T1 general tax returns, 2-year employment history, income documentation of any kind. Approval is based on LTV (typically 75–80% max), the property value, and basic debt structure. lendsimpl connects self-employed Ontario borrowers with private lenders — FSRA Brokerage #13763.

B-lender mortgage for self-employed: Requires T1 generals and 2 years NOA. Requires 650+ credit score. Income verification — though B-lenders use grossed-up or business-averaged income. Stress test applies. Rates: prime + 1.5–3.5%. Private mortgage for self-employed: No income documentation required. No credit score minimum. No stress test. No employment history requirement. Rates: 7.5–12%. Terms: 6–24 months (bridge to B-lender or bank). A private mortgage is the right path when B-lender income requirements cannot be met — typically for newly self-employed borrowers, those with heavily written-down income, or complex structures. After 12–24 months on private, refinancing to B-lender becomes accessible.

Private mortgage rates for self-employed borrowers in Ontario 2026: First mortgage (strong equity, LTV under 65%): 7.49–9.00%. First mortgage (LTV 65–75%): 9.00–11.00%. Second mortgage (behind existing bank first): 10.00–13.00%. Private HELOC (equity access): 8.50–12.00%. Lender fees (broker + admin/legal): typically 1.5–3% of mortgage amount. Rates are higher than bank mortgages (which are approximately 4.5–6.5%) but the trade-off is no income docs, no stress test, and near-instant approval. Most self-employed borrowers use private mortgages for 12–24 months and then refinance to lower-rate options.

Private mortgage documentation for self-employed Ontario borrowers is minimal — significantly less than a bank application: Required: Government ID (driver's licence or passport). Property details (address, purchase price or current value). Property tax statement (to confirm no arrears). Mortgage statement for existing financing (if refinancing or second mortgage). Not required (unlike bank applications): T4 slips or T1 generals. Notice of Assessment (NOA) — any year. Business financial statements. 2-year employment history. Bank statements (some lenders may request but not required). Proof of income of any kind. lendsimpl prepares the full private mortgage submission for you — you provide the basics, we handle the packaging.

Yes — contractors and freelancers without T4 slips can get a private mortgage in Ontario. Private lenders do not use or require T4 income slips, NOAs, or any income documentation. Whether you receive 1099-equivalent contracts, work through a corporation, bill clients directly, or have mixed employment/self-employment income — private mortgage approval is based purely on your property's equity and value. This applies to IT contractors, consultants, trades, gig workers, healthcare professionals working locums, real estate agents, mortgage brokers, artists, and any professional with non-traditional employment.

The typical exit strategy from a private mortgage for self-employed Ontario borrowers: Year 1–2 on private: Hold the private mortgage, make on-time payments (builds credit history). Work with an accountant to increase reported income on T1 generals and NOAs during this period. After 24 months: Apply to a B-lender (credit union, alternative lender) using your 2-year NOA history. B-lender rates are significantly lower (prime + 1.5–3.5%). After 2+ more years: If income is consistent and credit is strong, graduate to a chartered bank at the lowest market rate. lendsimpl manages the full journey — private to B-lender to bank.

lendsimpl discloses all costs in writing before submission, as required by FSRA regulations — FSRA Brokerage #13763.