Turned down by your bank, but sitting on solid home equity? You’re not alone. Many Canadian homeowners with bruised credit, self‑employed income, or recent life events still need fast, sensible financing for debt consolidation, renovations, tax arrears, or business cash flow. That’s where private home equity lenders come in. They focus on the equity in your property—not just your credit score or T4s—and can often fund within days. The challenge is knowing which providers are genuine, what they actually offer (second mortgages vs Home Equity Lines of Credit, or HELOCs), and how rates, fees, loan‑to‑value (LTV) limits, and terms differ from one lender to the next.
This guide highlights six of the best private home equity options in Canada for 2025, including Canada‑wide direct lenders and specialist brokerages. For each pick, you’ll see what they offer, who they suit, typical approval criteria, indicative rates/LTVs/terms, funding speed, fees and flexibility, where they lend, and what makes them stand out. Whether you’re rebuilding credit, navigating a consumer proposal, or need a quick second mortgage, the comparisons below will help you shortlist the right fit and move forward with confidence.
1. MyPrivateLender.com (Private Lender Inc.) — best for equity-based second mortgages, Canada-wide
If you’ve got home equity but don’t fit a bank’s box, MyPrivateLender.com specialises in second mortgages that prioritise your equity over credit scores or traditional T4 income. As a direct private home equity lender and platform, they tailor solutions for borrowers, while also serving investors and working closely with mortgage brokers across Canada.
What they offer
MyPrivateLender.com focuses on equity-based second mortgages with simple, transparent guidelines. Borrowers can structure payments to fit their budget, including the option to pre‑pay from loan proceeds at closing. The platform also connects private investors and supports brokers to get non‑traditional files funded.
Who it’s best for
- Homeowners with equity who were declined by banks or B‑lenders
- Credit‑challenged borrowers (e.g., past bankruptcies, consumer proposals)
- Self‑employed or variable income earners needing common‑sense underwriting
- Time‑sensitive needs like debt consolidation, tax arrears, renovations, or business cash flow
Typical approval criteria
Qualification is driven by the equity in your home, not your credit score or income. Expect a property‑first assessment that considers:
- Sufficient available equity and current first‑mortgage balance
- Property value and location (Canada‑wide service)
- Use of funds and a straightforward closing path
- Flexible payment setup, including interest paid from proceeds if needed
Rates, LTVs and terms (indicative)
As with most private second mortgages, pricing is case‑by‑case and higher than bank HELOCs, reflecting the flexibility offered. Terms are typically short and pragmatic:
- Term: short‑term (often 1–2 years) common in private lending
- Repayments: interest‑only options available
- LTV: driven by available equity and property quality
- Budgeting: ability to pre‑pay interest from loan proceeds to manage cash flow
Funding speed, fees and flexibility
The process is streamlined and tailored, with clear, upfront cost disclosure. In line with private lending norms, lender/broker fees may apply, and many clients choose to capitalise fees and prepaid interest at closing to keep monthly payments light.
Provinces served and access
Canada‑wide. Apply directly or through your mortgage broker; the team also partners with private investors seeking secured opportunities.
Why this lender stands out
- Equity‑only qualification: no credit or income hurdles when equity is sufficient
- Flexible payment structuring: including pre‑paid plans from proceeds
- Broker and investor friendly: one platform, three audiences, aligned incentives
- Seasoned team: over 20 years’ private mortgage and real‑estate expertise
- Nationwide reach: consistent access for borrowers across Canada
2. Alpine Credits — best for straightforward home equity loans with flexible credit requirements
Alpine Credits is a long‑standing name in private home equity lending, highlighting more than 50 years in the market helping Canadian homeowners access equity when they need it. If your bank said no, Alpine Credits is known for simpler, equity‑forward approvals compared with traditional lenders.
What they offer
Alpine Credits focuses on home equity loans secured against your property, using a common‑sense, equity‑driven review rather than rigid bank rules. The proposition is straightforward: unlock a lump sum from your home’s value for debt consolidation, renovations, or other needs, with a simple application process.
Who it’s best for
Borrowers who want a direct, pragmatic route to tapping equity without jumping through prime‑bank hoops tend to fit well here. It’s especially useful if your profile is strong on equity but imperfect on credit or income documentation.
- Credit‑challenged borrowers: past blips, thin files, or recovering credit
- Self‑employed/variable income: where bank underwriting struggles
- Debt consolidation or tax arrears: need a clear, single‑payment plan
- Renovations/business cash flow: time‑sensitive funding needs
Typical approval criteria
While every file is assessed on its merits, Alpine Credits places more weight on your equity position and property than a bank would. Expect standard private‑lending checks with an emphasis on collateral.
- Sufficient equity after accounting for any existing mortgage(s)
- Property value/location verified, typically via appraisal
- Use of funds and a realistic exit/refinance plan
- Credit and income reviewed, but with flexible tolerance
Rates, LTVs and terms (indicative)
Pricing and limits are case‑by‑case in private lending and generally higher than bank HELOCs, reflecting flexibility and speed. Terms are typically shorter, with options that prioritise manageable payments.
- Term: commonly short‑term with potential interest‑only structures
- LTV: guided by property, location, and risk profile
- Private lenders often size loans using
Max loan ≈ (Appraised value × allowable LTV) − existing mortgage balance
Funding speed, fees and flexibility
Timelines can be faster than banks, subject to appraisal, title, and legal. As is standard in private lending, lender/broker/legal/appraisal fees may apply and are often netted from proceeds to keep out‑of‑pocket costs low and monthly payments manageable.
Provinces served and access
Alpine Credits serves Canadian homeowners; availability can vary by province and property type. You can approach them directly, and mortgage brokers familiar with private home equity lenders can also submit your file.
Why this lender stands out
- Five‑decade track record: a recognised private equity lender in Canada
- Equity‑forward approach: more weight on collateral than on perfect credit
- Straightforward product: simple home equity loans for practical needs
- Familiar with complex files: self‑employed and credit‑rebuilding scenarios
- Brand trust: widely known among borrowers and brokers
3. Cannect — best for private home equity loans and second mortgages with simple, transparent terms
Cannect positions itself as a straight‑talking option for Canadians who want private home equity loans or second mortgages without surprises. They also cater to investors, and emphasise low‑rate mortgages and clear, tailored solutions—useful when you need funds for consolidation, renovations, or business purposes and value transparency.
What they offer
Cannect provides home equity loans and second mortgages, along with mortgage solutions branded as simple and transparent, plus investment opportunities for those seeking secured returns. The aim is to match borrowers to pragmatic equity‑based financing while keeping terms easy to understand.
Who it’s best for
- Borrowers wanting clarity: simple, transparent terms over fine‑print complexity
- Equity‑rich, bank‑declined files: credit blips or unconventional income
- Debt consolidation and renovations: lump‑sum needs with a plan to refinance
- Self‑employed profiles: where common‑sense underwriting matters
Typical approval criteria
Expect an equity‑first review, with collateral and exit plan carrying more weight than perfect credit. Cannect’s positioning suggests flexibility while still running standard checks.
- Sufficient available equity after existing mortgages
- Verified property value/location (appraisal/title)
- Use of funds and feasible refinance/repayment path
- Credit/income reviewed, but with private‑market tolerance
Rates, LTVs and terms (indicative)
Private pricing is case‑specific; Cannect spotlights “low‑rate mortgages,” but final terms depend on risk and equity. Shorter, pragmatic structures are common.
- Term: often 1–2 years; interest‑only options may be available
- LTV: sized conservatively by property and risk
- Rule of thumb:
Max loan ≈ (Appraised value × allowable LTV) − existing mortgage balance
Funding speed, fees and flexibility
Turnarounds can be faster than banks, subject to appraisal, title, and legal due diligence. As is typical in private lending, lender/broker/legal/appraisal fees may apply, and many borrowers net costs from proceeds to manage cash flow.
Provinces served and access
Cannect serves Canadian homeowners. Availability can vary by province and property type; you can apply directly, and their platform also engages investors seeking mortgage‑secured opportunities.
Why this lender stands out
- Transparent approach: simple, easy‑to‑follow terms and process
- Equity‑based solutions: tailored second mortgages and home equity loans
- Borrower + investor platform: lending paired with investment options
- Focus on competitive pricing: aims to keep rates sharp for qualified files
4. Mortgage Central Nationwide — best brokerage access to private second mortgages across Canada
When you want multiple private home equity lenders to compete for your file, a brokerage can open doors. Mortgage Central Nationwide specialises in unlocking home equity via second mortgages and home equity loans, packaging your application and shopping it to suitable private lenders and MICs to secure practical terms.
What they offer
As a specialist brokerage, they match borrowers to equity‑based financing rather than pushing a one‑size product. Expect pragmatic options and guidance from application to closing.
- Private second mortgages for debt consolidation, arrears, or renovations
- Home equity loans sized against property value and risk
- Brokered access to alternative and private lenders, including MICs
Who it’s best for
Borrowers who value choice and want a broker to present their file to multiple lenders, especially when banks have declined or timelines are tight.
- Equity‑rich, credit‑bruised homeowners needing a lump sum
- Self‑employed/variable income where bank underwriting is rigid
- Debt/tax arrears requiring a clear refinance or exit plan
Typical approval criteria
Files are assessed with an equity‑first lens across the lender panel; the broker frames strengths and mitigates weaknesses to fit different mandates.
- Confirmed equity after existing mortgages (appraisal/title)
- Reasonable use of funds and exit/refinance strategy
- Credit/income reviewed with private‑market tolerance
Rates, LTVs and terms (indicative)
Pricing is case‑by‑case across the panel and generally higher than bank HELOCs, with shorter, practical terms prioritising affordability.
- Term: often 1–2 years; interest‑only options common
- Sizing:
Max loan ≈ (Appraised value × allowable LTV) − existing mortgage balance - LTV: depends on property, location, and risk appetite
Funding speed, fees and flexibility
Brokers coordinate valuation, title and legal to compress timelines; many costs can be netted from proceeds to reduce cash outlay.
- Fast turnarounds once appraisal/title clear
- Lender/broker/legal/appraisal fees typical in private deals
- Prepaid interest or interest‑only to ease cash flow
Provinces served and access
Positioned as a nationwide brokerage with reach across Canada; exact availability can vary by province, property type, and lender appetite.
- Canada‑wide access via a lender network
- Apply directly; brokers package and present your file
Why this lender stands out
- Panel power: one application, multiple private lender options
- Equity‑centric approvals: designed for bank‑declined but equity‑strong files
- Hands‑on guidance: broker expertise to structure and negotiate terms
- Clarity of purpose: second mortgages for real‑world needs, fast
5. Seven Lending — best for fast private, equity-based approvals when banks say no
If speed is your biggest pain point, Seven Lending positions itself as a trusted private mortgage lender “when the banks say no,” with equity‑based decisions and the promise of rapid turnarounds, including approvals in as little as 24 hours. That makes it a fit for borrowers who need decisive answers and quick access to funds.
What they offer
Seven Lending provides private, equity‑based mortgages and home equity loans designed to move quickly from application to approval. The focus is on real‑estate‑secured lending with streamlined underwriting, rather than bank‑style paperwork and ratios.
Who it’s best for
Borrowers with solid home equity who value speed and straightforward answers over traditional bank processes will benefit most here, especially when timelines are tight for consolidations, arrears, or completion funds.
- Bank‑declined files needing an equity‑first read
- Self‑employed/variable income where documentation is complex
- Debt consolidation/renovations requiring fast funding
Typical approval criteria
Seven Lending emphasises collateral strength over perfect credit or conventional income proof. Expect standard private‑market diligence with an equity‑first lens.
- Sufficient available equity after existing mortgages
- Appraised property value and marketability
- Clear use of funds and feasible exit/refinance plan
Rates, LTVs and terms (indicative)
As with most private home equity lenders, pricing is case‑by‑case and generally higher than bank HELOCs, trading cost for speed and flexibility.
- Shorter terms (often 1–2 years); interest‑only options common
- LTV sized conservatively based on property and risk
- Rule of thumb:
Max loan ≈ (Value × allowable LTV) − existing mortgages
Funding speed, fees and flexibility
Seven Lending highlights fast approvals—often within 24 hours—subject to appraisal, title, and legal. Typical private‑deal costs apply and are frequently netted from proceeds to reduce cash outlay.
- Rapid underwriting once valuation/title are in hand
- Lender/broker/legal/appraisal fees customary
- Option to capitalise fees/prepaid interest to ease cash flow
Provinces served and access
Seven Lending serves Canadian homeowners; availability can depend on province and property type. You can approach them directly or via a broker familiar with private files.
Why this lender stands out
- Speed: approvals in as little as 24 hours for qualified equity files
- Equity‑based approach: common‑sense underwriting when banks decline
- Practical structures: short terms and interest‑only options to manage payments
- Canada focus: built for Canadian homeowners needing decisive private financing
6. 360Lending — best for B-lender and private options guided by licensed brokers (Ontario-focused)
360Lending is an award‑winning mortgage brokerage that helps Ontario homeowners compare A‑lenders (banks), B‑lenders, and private home equity lenders—so you’re matched to the right solution, not forced into the wrong one.
What they offer
A brokered pathway to the most suitable option across tiers:
- Bank HELOCs if you qualify
- B‑lender second mortgages for added flexibility
- Private, equity‑based loans when banks say no
- Hands‑on guidance from assessment to approval
Who it’s best for
- Ontario homeowners wanting a licensed broker to shop multiple lenders
- Borderline A/B files (credit or income just shy of bank rules)
- Equity‑rich, credit‑bruised borrowers needing a practical second mortgage
Typical approval criteria
Criteria vary by tier; brokers align your file accordingly.
- A‑lenders (HELOCs): strong credit/income; HELOCs commonly capped around 65% LTV
- B‑lenders: more tolerance on credit/income; focus on equity and story
- Private lenders: true equity‑based, short‑term, with a clear exit strategy
Rates, LTVs and terms (indicative)
- A‑lender HELOCs: variable rates tied to prime; up to ~65% LTV (case‑specific)
- B/private seconds: higher rates/fees; often 1–2‑year, interest‑only options
- Rule of thumb:
Max loan ≈ (Appraised value × allowable LTV) − existing mortgage(s)
Funding speed, fees and flexibility
- Faster turnarounds with B/private once appraisal/title are clear
- Lender/broker/legal/appraisal fees typical; often netted from proceeds
- Payment structures that prioritise affordability and cash flow
Provinces served and access
Ontario‑focused. Start with a broker consult, submit documents once, and let 360Lending place the file with suitable lenders.
Why this lender stands out
- Broker choice: one application, access to A, B and private options
- Licensed, award‑winning team: Ontario expertise, start to finish
- People‑first process: common‑sense underwriting and clear guidance
- Future‑ready strategy: structure today’s loan with tomorrow’s refinance in mind
Next steps
You’ve now seen how Canada’s top private options compare. The right choice comes down to your equity, timing, and tolerance for fees versus flexibility. Private seconds are best used as short‑term bridges: consolidate, stabilise cash flow, complete renovations, then refinance to a cheaper product when you’re ready. Go in with a clear exit plan and you’ll protect both your budget and your equity.
- Map your equity and loan need: estimate value, subtract existing mortgage balance(s), and allow for fees or an interest holdback.
- Line up documents: recent mortgage statement(s), property tax bill, home insurance, photo ID, and consent for appraisal and title searches.
- Choose priorities: fastest funding, lowest overall cost, or interest‑only payments to keep cash flow light.
- Ready for an equity‑first approval? For a quick assessment and tailored second‑mortgage options Canada‑wide, speak with MyPrivateLender.com.