Urgent closing
A private lender may be considered when a bank approval falls apart close to closing and there is enough equity or down payment.
When bank financing doesn't fit
The bank said no. What are your options?
A tight closing deadline, bruised credit, complex income, or payment arrears can make a bank mortgage hard to secure. There may be another path. Explore when short-term private financing could help, what it may cost, and how you would move back to a stronger mortgage or repay it.
What to clarify first
Speed
Useful when a closing, renewal, payout, or arrears deadline is moving faster than bank approval.
Credit
Bruised credit, collections, late payments, or high utilization may require a different lender conversation.
Cost
Rates and fees are usually higher, so the benefit must outweigh the short-term cost.
Exit
The most important question is how and when the private mortgage will be repaid.
A simple way to start
Want to talk through this option before sharing detailed information?
Send a name and one way to reach you. Sean can explain the practical next step for this scenario before you start a full application.
Sean Khatibi · Mortgage Agent Level 1
8Twelve Mortgage Corp · 13072 · Verify licensing with FSRA
Sean will review the context and suggest the right next conversation. Please do not send SIN details, passwords, or sensitive documents here.
What to consider
A good mortgage plan answers the practical questions early.
Second mortgage
A second mortgage can sometimes avoid breaking a good first mortgage, but payment pressure and total cost must be reviewed.
Tax or arrears pressure
Private funds may help clear tax arrears, mortgage arrears, or legal pressure when there is a realistic recovery plan.
Credit repair bridge
Private financing may create time to rebuild credit, reduce utilization, and prepare for a better refinance later.
Self-employed complexity
Business owners with strong cash flow but difficult documents may need an interim option while the file is cleaned up.
Exit strategy first
Every private mortgage review should identify the repayment path: refinance, sale, renewal, income change, or debt cleanup.
Simple process
What happens next.
Start with the deadline and the problem to solve. Then compare the total cost of each available option and how the financing would be repaid.
Start online1
Confirm the urgent problem, deadline, and amount needed.
2
Review property value, mortgage balance, equity, credit, income, and arrears.
3
Compare private mortgage, refinance, HELOC, second mortgage, sale, or renewal alternatives.
4
Estimate rate, lender fee, broker fee, legal cost, appraisal, payment, and total short-term cost.
5
Build the exit plan before signing, then track the path back to a stronger structure.
Documents usually needed
Be ready before the lender asks.
The exact list depends on lender, income type, property, and purpose, but these are common starting points.
Current mortgage statement
Property tax bill
Mortgage arrears or payout letter if applicable
Debt and collection statements
Income documents or bank statements
Photo ID
Home insurance details
Recent appraisal or property value estimate
Still deciding?
Ask a question before opening a detailed file.
Talk to Sean
Tell me what you have in mind. We'll start there.
No documents or detailed figures needed to say hello. I'll help compare lender options, structure, affordability, and timing with plain-English advice.
Call514-746-9496
Emailsean@thebrokerguy.ca
Brokerage8Twelve Mortgage Corp 13072
Service areasBarrhaven, Nepean, Kanata, Stittsville, Ottawa West, and Ontario
Office45 Sheppard Ave. E, Suite 211, Toronto, ON M2N 5W9
Opens your default email app with a ready-to-edit message.
Start application