Private Mortgage Lending Toronto

At Approved Mortgage Broker, we get clients with different risk profiles. While banks had mortgage interest rates at between 3.3% and 5.4% and private mortgage lenders had interest rates between 7.3% and 11% in 2018.

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Need a Mortgage?

Private Mortgage Lending Toronto

According to statistics from the 2019 Q1 Teranet Market Insights Report, in 2018, the big 5 banks in Canada lost 2.7% of mortgages market share in Ontario. There are several reasons why big banks and other major institutional lenders like Scotiabank, First National, MCAP/RMG, TD Canada Trust and Merix Financial are losing market share to private lenders.

The federal government initiated several strict lending rules to govern government-backed insured mortgages. Key among these are an increase in the minimum down payment from 0% to 5% and the reduction of the maximum amortization period.
For houses worth over $500,000, the restrictions are even greater. Not only do you have to put up a 5% down payment on the first half a million, but you also need to put down 10% or more on the amount exceeding $500,000. Homes worth over 1 million dollars require a 20% down payment.

The federal government initiated several strict lending rules to govern government-backed insured mortgages. Key among these are an increase in the minimum down payment from 0% to 5% and the reduction of the maximum amortization period.
For houses worth over $500,000, the restrictions are even greater. Not only do you have to put up a 5% down payment on the first half a million, but you also need to put down 10% or more on the amount exceeding $500,000. Homes worth over 1 million dollars require a 20% down payment.

When you have a poor credit score, you are self-employed, you carry more than 1 property, or you need short-term cash for debt consolidation, emergencies, or other reason, most banks will reject your application. We have a working relationship with many private mortgage lenders whom we will approach on your behalf for a mortgage. You also need a private lender if you are a foreign investor or a non-resident of Canada looking to own property. You could always visit different lenders to look for a good deal, but there are hundreds of private lenders and getting the lender with the right package for you is not easy. Hiring the Approved Mortgage Broker team is convenient and it increases your chances of getting exactly what you need. Given that private mortgage lenders are not as established as big lenders, there is always a risk of getting an unscrupulous lender. We know all credible and reliable private mortgage lenders in Toronto so that you don’t have to worry about such things as hidden charges or even worse.

Featured Rates

Fixed

Lender
Rate
Term

Toronto-Dominion
3.04%
5 years
Scotiabank
3.04%
2 years
MCAP
2.99%
5 years
CMLS
2.84%
3 years
RFA
2.64%
5 years
First National Bank
2.74%
5 years
DUCA
3.84%
1 year
B2B
3.19%
2 years
Meridian
2.79%
5 years
RMG Mortgage
2.69%
5 years

Variable

Lender
Rate

Manulife Bank
2.74%
5 years
Home Trust
3.00%
5 years

Other

Type
Rate

Secured line of credit
4.45%
Private mortgages
5.99%

Questions?

We Are Here to Help

call (416) 419-3939

If you would like to learn more about private mortgage lending in Ontario, contact the Approved Mortgage Broker team. We will help you get a mortgage with the best possible rates. From fixed-rate private mortgages to variable-rate mortgages, we will find the mortgage that best suits your particular needs.

What our CLients Say

Approved

gilles veilleux ★★★★★
Masoud and his team are truly focused and result driven. I did my refinancing with them, it went smooth from start to finish.
Roosevelt Freeman ★★★★★
I used Nick to renew my mortgage. He found me a better deal than my bank could offer and I intend to use him again the next time I need to renew. Nick did all the work, he made it easy and simple for me. He really knows his stuff!
Linda Howard ★★★★★
After some unfortunate interactions with my previous mortgage broker trying to close the deal I was recommended Approved by a friend of a friend. I didn't have my hopes high to be completely honest, however decided to give it a go and called Masoud. He was quite reassuring over the phone, and after our meeting I finally felt like I'm in the right hands. Long story short, we closed the deal and most importantly I got a much better rate than expected. I already recommended Approved to my colleague, and I'm sure there'll be more referrals from me when the time comes
Juan Pearson ★★★★★
Nick gave me great advice and fair rates to process my mortgage. Marianela, his assistant, was quick getting back to me and explained any questions about documents. Would highly recommend these guys.