Credit or income challenges
Explain any missed payments, recent income changes or self-employment documentation questions. Bring the details that help a reviewer understand your current position.
Explore mortgages with bruised creditTORONTO · MISSISSAUGA · THE GTA
Private Mortgages
in the GTA
Short-term funding. A plan to move forward.
Explore private mortgage options in Toronto, Mississauga and the GTA when your financing needs require a closer look.
Start with your property, funding needs and repayment goals.
Toronto officeServing borrowers across the GTA
Established in 1997Mortgage brokerage experience
Brokerage licence 10533Residential & commercial financing
WHEN YOUR SITUATION NEEDS A CLOSER LOOK
Explore another
financing option.
A private mortgage is a loan secured against real estate and funded by a private lender. Funding may come from individuals, private companies or mortgage investment corporations.
The Mortgage Providers helps GTA borrowers explore private mortgage funding when their needs fall outside a traditional lender’s criteria. Your property, circumstances and intended repayment plan all belong in the discussion.
As a mortgage brokerage, we help you review potential arrangements. The proposed lender and its conditions are identified in the mortgage commitment.
START WITH THE REASON FOR BORROWING
What needs
to move forward?
These are situations to discuss in a mortgage review, rather than promises of eligibility.
A purchase or refinance
Share your closing date, existing mortgage maturity and the amount needed. Identify outstanding documents early so the team can assess what a financing review would involve.
Compare first and second mortgagesA property project
Outline your renovation, construction or investment property plans. Include the scope of work, budget and how you intend to repay the borrowing.
Review construction financingPLAN BEYOND THE FUNDING DATE
How will you
repay the mortgage?
An exit strategy sets out how you intend to repay private financing when its term ends.
-
Set out today’s funding need
Explain the amount, purpose and timing. List the mortgages or other obligations that must be paid from the advance.
-
Identify the intended repayment route
Discuss whether the plan involves qualifying for another mortgage, selling the property or another documented source of funds.
-
Check the assumptions
For refinancing, identify the income, credit and debt changes required. For a sale, assess whether current equity can cover repayment and transaction costs.
-
Allow for a change of plan
Agree on what to review before maturity and what you would do if the expected refinance or sale cannot happen on time.
PREPARE FOR YOUR REVIEW
Bring the numbers.
Explain the context.
Start with a general enquiry. For a detailed financing review, it helps to gather:
- The property address and ownership or purchase details
- Current mortgage balances and maturity dates
- Other debts secured against the property
- Income details and your monthly household budget
- The amount needed, intended use and deadline
- Details of credit concerns or payment difficulties
- Your proposed repayment route and supporting information
UNDERSTAND THE OFFER
Compare the costs
and the balance due.
Ask for the net funds you will receive, the payment schedule and the amount due at maturity. Review interest, fees and how any costs added to the loan affect your balance.
With interest-only payments, the principal does not fall. Repeated renewals and added fees can consume equity. FSRA’s illustrative private mortgage scenario shows how that can happen.
Because the loan is secured against your property, failing to meet its obligations can put your home at risk. Review the contract and ask questions before signing.
For background on property-backed borrowing, read FCAC’s home equity guidance.
TORONTO · MISSISSAUGA · GTA
Local property.
Individual assessment.
A Toronto condo, a Mississauga detached home and a York Region investment property present different details for a lender to review. Start with the address, property type, use and existing secured borrowing.
We welcome enquiries across Peel, York, Halton and Durham as well as Toronto. Tell us where the property is and what your financing needs involve.
Your location gives the review context. A funding amount or approval still requires an assessment of the proposed arrangement.
YOUR QUESTIONS
Private mortgage
FAQs.
Answers about lenders, costs, qualification and repayment.
What is a private mortgage?
A private mortgage is a property-secured loan funded by an individual, private company or mortgage investment corporation. It may be considered when a borrower’s circumstances do not fit traditional lending criteria. The lender’s offer sets out the rate, fees, term and repayment conditions.
Is The Mortgage Providers the lender?
The Mortgage Providers is a mortgage brokerage. Its role is to help borrowers explore financing options and review proposed mortgage arrangements. The mortgage commitment identifies the lender providing the funds and the conditions that must be met.
Can I apply with bruised credit or self-employment income?
You can ask for a review. Explain your income, existing debts, property details and any credit issues so the team can identify what information is needed. A private mortgage is not an automatic approval or a substitute for a workable repayment plan.
How much equity do I need?
There is no single equity requirement for every private lender. The accepted property value, mortgage priority and existing secured balances affect the assessment. Ask what the proposed lender will advance and how much remains available after fees and required payouts.
What will a private mortgage cost?
Request a written breakdown of the interest rate, lender and brokerage fees, legal and appraisal costs, and any applicable renewal or discharge charges. Confirm whether costs are paid upfront, deducted from the advance or added to the balance. The quoted rate alone does not show the complete cost.
Does an interest-only payment reduce what I owe?
No. An interest-only payment covers interest without paying down the principal. You still need a way to repay that principal. If fees are added to the mortgage balance, the amount owing can increase even while scheduled interest payments are being made.
What happens if I cannot refinance when the term ends?
Contact your broker and lender before maturity to review the situation. A renewal may not be available, and another loan would require its own assessment. Your initial plan should include a realistic fallback, such as a property sale where appropriate, rather than depending on rising home prices.
Do you help borrowers throughout the GTA?
The Mortgage Providers welcomes private mortgage enquiries from Toronto, Mississauga, Brampton, Vaughan, Richmond Hill, Markham, Oakville, Burlington and Durham Region. Share the property address, amount needed and timing so the team can discuss the next steps for a review.
LET’S REVIEW YOUR OPTIONS
Start with
your situation.
Tell us about your property and the funding you need.
We’ll discuss what to review next.
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