12 Best Private Mortgage Lenders Canada for 2025

Private mortgage lenders in Canada are non-bank lenders that approve mortgages primarily on the equity in your property, not your credit score. Below you’ll find the 12 top-rated private lenders for 2025, their typical rates, approval requirements and who they suit best.

Expect higher interest rates than A-lenders, usually 8–13 % on second mortgages, and terms that run six to 24 months. Most lenders advance up to 75–85 % of your home’s value, and many let you pre-pay interest or make interest-only payments to keep cash flow manageable. Fees include lender and broker charges, legal costs and an appraisal, so budgeting for closing expenses is crucial right from day one.

To build this list we independently checked provincial licensing, national or regional reach, funding speed, transparency and flexibility, then balanced those factors against borrower and broker feedback. Let’s dive into the 12 best private mortgage lenders Canadians can use in 2025.

1. Private Lender Inc. — Equity-Based Second Mortgages Across Canada

Unlike many private mortgage lenders Canada homeowners encounter, Private Lender Inc. focuses on one clear promise: if you’ve got usable equity, you’re halfway to an approval. The firm advances second mortgages coast-to-coast, wiring funds in as little as 48 hours when time is of the essence.

Snapshot

Purely equity-driven underwriting means credit scores and stated income take a back seat. Loans range from $50 000 to $2 million, with interest-only payments for up to 24 months, giving borrowers breathing room before refinancing with a cheaper lender.

Stand-out Features

No credit or income qualifications—equity is king
Option to pre-pay up to 12 months’ payments from loan proceeds
Streamlined online application and e-sign closing package
Free phone or video consultation within one business day
Works directly with borrowers, brokers and private investors

Typical Rates, LTVs & Fees (2025)

Second-mortgage rates run 8 – 12 % depending on province, location and property condition. Maximum loan-to-value tops out at 80 %, though rural homes may cap at 75 %. Expect a lender fee of 1 – 3 %, plus third-party legal and appraisal costs (≈$1 200–$1 800). Clean title, lower LTV and urban marketability push rates to the lower end of the band.

Who This Lender Is Best For

Bad-credit or self-employed homeowners who need quick cash, appreciate interest-only or pre-paid structures, and plan to exit the loan within two years.

Pros & Possible Drawbacks

Pros: approvals in under 24 hours, flexible repayment options, transparent fee schedule published up front.
Drawbacks: second-mortgage focus only, higher borrowing costs than a traditional HELOC.

2. Alpine Credits — “Home Equity Loans, Regardless of Credit”

If you watch late-night sports or daytime news, you already know Alpine Credits’ jingle. The company has lent exclusively on Canadian home equity for more than five decades and now funds first or second mortgages in most provinces from British Columbia to Nova Scotia. Everything revolves around speed and simplicity: one short phone call, a desktop valuation and, in many cases, money in your lawyer’s trust account within the same week.

Snapshot

Alpine Credits positions itself as a private alternative to banks, promising approvals “regardless of credit”. It offers loan amounts between $10 000 and $500 000 with amortisations as long as five years, giving borrowers a softer monthly payment than the typical 12-month private term.

Stand-out Features

Equity-only underwriting; bruised credit OK
National TV and online presence builds consumer trust
Funds both 1st and 2nd mortgages, including rural properties
Flexible amortisation 1–5 years, interest-only available
Commitments issued in 24–48 hours, closings in 3–5 business days

Typical Rates, LTVs & Fees (2025)

First mortgage: 7 – 9 %
Second mortgage: 9 – 13 %
Maximum LTV: 80 % (often 75 % outside major centres)
Lender fee: 2 – 4 % plus standard legal/appraisal costs

Ideal Borrower Profile

Homeowners with at least $100 000 in usable equity who want to consolidate high-interest debt or inject cash into a business but don’t meet bank income or credit tests.

Pros & Possible Drawbacks

Pros: minimal documentation, well-known brand, longer amortisation options reduce payment shock.
Drawbacks: higher setup fees and interest than A-lenders, aggressive follow-up calls after initial enquiry.

3. Canadian Mortgages Inc. (CMI) — Broker-First National MIC

CMI is one of the largest private mortgage lenders Canada brokers lean on when the banks come up short. Organised as a Mortgage Investment Corporation (MIC), it pools capital from hundreds of RRSP and TFSA investors, creating a stable, nine-figure fund that can green-light files others pass over. Because CMI accepts applications exclusively through licensed mortgage brokers, borrowers get expert representation while the lender keeps its underwriting swift and streamlined.

Snapshot

With nationwide reach, CMI funds first and second residential mortgages from $100 000 to $3 million. Interest-only payments and six- to 18-month terms are standard, giving homeowners breathing room to rehab credit, finish renovations or sell.

Stand-out Features

Large capital pool; reliable funding even in tight markets
Up to 80 % combined LTV on urban properties
Interest-only, partially amortising or prepaid interest structures
Commitments issued within 48 hours of a complete deal
Option to capitalise three months’ interest to ease cash flow

Typical Rates, LTVs & Fees (2025)

1st mortgages: 6.5 – 9 %
2nd mortgages: 9 – 12 %
Maximum LTV: 80 % (75 % rural)
Renewal fee: 0.5 – 1 % plus standard legal and appraisal costs

Ideal Borrower Profile

Homeowners already working with a broker who need fast money and flexible covenant exceptions—bridge refinancers, self-employed clients and property investors awaiting longer-term take-out financing.

Pros & Possible Drawbacks

Pros: competitive pricing for the private space, nationwide footprint, broker advocacy throughout the process.
Drawbacks: must apply through a broker (added cost), minimum appraisal value $300 000 excludes some small-town properties.

4. Alta West Capital — Western Canada MIC Specialist

Head-quartered in Calgary and lending since 1991, Alta West Capital is one of the longest-running Mortgage Investment Corporations (MICs) west of Ontario. Licensed in Alberta, British Columbia, Saskatchewan, Manitoba and Ontario, it gives brokers a flexible alternative when the banks balk, funding everything from owner-occupied homes to small multi-family projects.

Snapshot

Alta West issues 1st, 2nd and even 3rd mortgages from $75 000 to $2 million, with terms of six to 24 months. Because it underwrites on equity first, bruised credit and unconventional income are rarely deal-breakers, making it a reliable name among private mortgage lenders Canada borrowers turn to for bridge capital.

Stand-out Features

Builder draw and renovation mortgages with staged advances
Open terms: discharge any time after three months for a 3-month interest penalty
Same-day verbal approvals; formal commitment within 48 hours
Direct access to underwriters for brokers, speeding up condition fulfilment

Typical Rates, LTVs & Fees (2025)

1st mortgages: 7 – 10 %
2nd mortgages: 10 – 14 %
Maximum LTV: 85 % in major metros (75 % rural)
Lender fee: flat 2 % plus legal and appraisal costs

Ideal Borrower Profile

Western Canadian homeowners, small-scale investors or flippers needing short-term funds for purchases, renovations or construction draws, and who plan to exit within a year.

Pros & Possible Drawbacks

Pros: construction-friendly draw programme, higher LTV allowances, regional market expertise.
Drawbacks: limited or no lending east of Ontario; interest costs escalate sharply above 80 % LTV.

5. Atrium Mortgage Investment Corporation — Large-Cap Public MIC

Snapshot

Atrium is one of the few private mortgage lenders Canada borrowers can actually find on the Toronto Stock Exchange. With a portfolio topping $800 million and quarterly financials posted for anyone to read, the MIC has earned a reputation for stability and transparency. It lends in Ontario, British Columbia, Alberta and Québec, writing both residential and commercial mortgages from $250 000 to $5 million on six- to 24-month terms.

Stand-out Features

Publicly traded; audited reporting gives investors and borrowers extra comfort
Will finance mixed-use, multi-unit and light-industrial properties other lenders avoid
Interest-reserve accounts let borrowers capitalise six to 12 months’ payments
Flexible structures: standard interest-only or partially amortising schedules
Direct underwriting team for quick clarifications and condition changes

Typical Rates, LTVs & Fees (2025)

Position	Rate Range	Max LTV	Lender Fee	Notes
1st mortgage	6.75 – 9 %	75 %	2–3 %	Commercial and res.
2nd mortgage	9 – 12 %	75 %	2–3 %	Often with interest reserve

Rural or specialty assets may price 0.5–1 % higher; clean urban condos trend toward the floor.

Ideal Borrower Profile

Borrowers needing $250 000–$5 million for refinance, construction completion or bridge-to-sale on multi-unit or commercial real estate, and who can exit within 12–18 months.

Pros & Possible Drawbacks

Pros: deep capital pool even during market stress, transparent public disclosures, willingness to finance larger or mixed-use deals.
Drawbacks: stricter appraisals and environmental reports, closings typically take 7–10 days—slower than some smaller privates.

6. Clover Mortgage — Private Broker with In-House Funds

Based in North York, Clover Mortgage straddles two worlds: it brokers deals to dozens of private lenders while also deploying its own capital on select files. That hybrid model lets the team hand out same-day pre-approvals on Greater Toronto Area properties and still shop the file if their in-house fund isn’t the best fit.

Snapshot

Clover arranges first and second mortgages from $50 000 to $1 million, typically on 6- to 12-month interest-only terms. Because underwriting is equity-centred, bruised credit or irregular income statements rarely kill a deal—location and marketability matter more.

Stand-out Features

Decisions in as little as two hours; full commitment within 24
Ability to bundle a 1st and 2nd mortgage to maximise proceeds
Multilingual agents (English, Cantonese, Mandarin, Punjabi, Spanish)
Hands-on guidance through appraisal, lawyer selection and discharge
Access to both internal and external private funds for rate shopping

Typical Rates, LTVs & Fees (2025)

2nd mortgage: 9 – 14 %
Max LTV: 80 % (75 % on rural or leasehold)
Combined broker + lender fee: 3 – 5 % of the principal
Legal and appraisal costs add roughly $1 500.

Ideal Borrower Profile

New Canadians, self-employed professionals or investors in the GTA who value a broker’s advice and need quick bridge financing before selling or refinancing with a bank.

Pros & Possible Drawbacks

Pros: multiple funding sources increase approval odds; fast, concierge-style service; language support for diverse clients.
Drawbacks: higher combined fees than direct lenders; lending footprint largely limited to Southern Ontario.

7. Graysbrook Capital — Atlantic & Ontario Short-Term Solutions

Based in Halifax, Graysbrook Capital fills a gap many national players ignore: quick bridge money for borrowers east of Québec. The lender has built deep broker relationships across Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland & Labrador and Ontario, delivering 12-month, interest-only mortgages that close in a matter of days—handy when a renovation, flip or looming payout date can’t wait for a bank.

Snapshot

Graysbrook issues first and second mortgages from $50 000 to $1 million, almost always on a one-year term with open repayment. Credit hiccups, stated income or tax arrears are acceptable as long as the exit strategy—and the property value—check out.

Stand-out Features

24-hour written commitments
Open term: discharge anytime with 3-month interest penalty
Bridge financing for flips or delayed sales
Direct access to underwriters for quick condition waivers
Atlantic-region market expertise often missed by big lenders

Typical Rates, LTVs & Fees (2025)

1st mortgages price between 7.5 – 10 %; seconds run 10 – 13 %. Maximum LTV is 80 % (75 % rural). Expect a 1 % renewal option and lender fees of 2 – 3 %, plus standard legal and appraisal costs.

Ideal Borrower Profile

Homeowners or investors in NB, NS, PE, NL or ON who need 6–12 months of bridge capital to finish a project, consolidate debts or await bank take-out financing.

Pros & Possible Drawbacks

Pros: regional focus, lightning-fast approvals, genuinely open terms.
Drawbacks: no lending in Québec or Western Canada; rates climb above 75 % LTV.

8. Capital Direct — National Home-Equity Loan Brand

Snapshot

Capital Direct has spent more than 25 years advertising on TV and radio that “your home equity can work for you.” Operating out of hubs in Vancouver, Calgary and Toronto, the firm provides first and second private mortgages in BC, AB, ON, NB and NS, wiring funds in roughly one week. Unlike many private mortgage lenders Canada borrowers meet, Capital Direct will stretch amortisations to 25 years—lowering the monthly bite even though the interest rate is higher.

Stand-out Features

Choice of lump-sum loan or line-of-credit style advance
Amortisations from 3 to 25 years, interest-only option available
In-house appraisal desktop model for quicker approvals on urban properties
Online payment calculator and bilingual customer service
Pre-approval phone call in 15 minutes, formal offer within 48 hours

Typical Rates, LTVs & Fees (2025)

Blended rates: 7 – 11 % (1st or 2nd position)
Maximum LTV: 75 % (lines) / 80 % (lump-sum)
Lender fee: 2 – 4 % plus legal and appraisal costs

Ideal Borrower Profile

Homeowners wanting longer amortisation than the standard 12-month private term—often debt-consolidation clients or retirees easing cash-flow.

Pros & Possible Drawbacks

Pros: extended repayment schedules, line-of-credit flexibility, strong online tools.
Drawbacks: lower maximum LTV than peers, conservative appraisals can trim loan size.

9. Community Trust — Alternative “B” + Private Options

Community Trust sits in the sweet spot between a bank’s near-prime window and a true hard-equity lender. By housing both “B” and private programmes under one roof, it lets brokers slide an application from stated-income B-rate to short-term private money (or back again) without restarting the clock—handy when closing dates loom.

Snapshot

A federally regulated trust company headquartered in Toronto, Community Trust funds first and second mortgages from $75 000 to $1 million. Terms run one to three years, with interest-only or 30-year amortised payment options.

Stand-out Features

Seamless switch between B-side and private products
CMHC-insured stated-income option for self-employed borrowers
Online broker portal with live deal tracking
Early discharge once refinanced with no yield-maintenance penalty
National coverage, including Quebec

Typical Rates, LTVs & Fees (2025)

B-lender: 5 – 6.5 %, up to 80 % LTV
Private: 8 – 11 %, up to 80 % LTV
Lender fee: 1.5 – 2.5 %; standard legal/appraisal extra

Ideal Borrower Profile

Clients hovering just outside bank guidelines—bruised credit or variable income—who expect to graduate to a lower rate within 12-24 months.

Pros & Possible Drawbacks

Pros: path to cheaper financing, federally regulated oversight, transparent renewal terms.
Drawbacks: more documentation than pure private lenders; appraisals can take longer, extending closing times.

10. Home Trust Company — Established Alt-A Lender with Private Arm

Home Trust is a household name in the alternative space and one of the few Schedule I trust companies that also funds pure-private deals when a file tumbles outside its Alt-A box. That dual mandate lets brokers keep the file under one roof, shaving days off closing.

Snapshot

Operating since 1987, Home Trust lends nationwide on owner-occupied and rental properties, usually in first position. When credit bruises, recent bankruptcies or thin income documentation knock a borrower out of its Alt-A range, the in-house private desk can step in with a six- to 18-month interest-only loan.

Stand-out Features

Stated-income accepted for self-employed clients
Ability to blend an Alt-A first with a private second
Competitive discharge fees once the borrower graduates to prime
Online broker portal and same-day pre-screen
National network of approved solicitors for faster funding

Typical Rates, LTVs & Fees (2025)

Alt-A firsts run 5.5 – 7 %; private firsts 8 – 12 %. Maximum 80 % LTV. Expect a 1 – 2 % lender fee plus broker fee and standard legal/appraisal costs.

Ideal Borrower Profile

Homeowners with recent credit events or irregular income who plan to repair their profile and refinance into a lower-cost loan within 12–24 months.

Pros & Possible Drawbacks

Pros: national coverage, long-standing brand, seamless shift from private to Alt-A.
Drawbacks: heavier condition list than pure privates; CMHC insurance may be required on high-ratio Alt-A files.

11. Magenta Capital Corporation — Ontario-Focused MIC

Magenta has been lending on Ontario real estate since 1994 and is now one of the province’s biggest non-bank Mortgage Investment Corporations. Backed by thousands of RRSP and TFSA investors, it keeps a constant pool of funds ready for fast residential approvals in the GTA, Ottawa and other urban centres — a welcome sight when mainstream lenders pass.

Snapshot

Magenta writes first and second mortgages from $75 000 to $2 million, generally on 12-month, interest-only terms. Its “Equity-Plus” programme lets self-employed borrowers declare reasonable income as long as the property supports the loan.

Stand-out Features

High loan-to-value limits: up to 85 % LTV in major markets
Staged renovation and construction draws
Fully digital broker portal with status updates
Renewal options at reduced fees if an exit takes longer than planned

Typical Rates, LTVs & Fees (2025)

Position	Rate Range	Max LTV	Lender Fee
1st	6.99 – 9.49 %	85 %	1.5–3 %
2nd	9.99 – 12.99 %	85 %	1.5–3 %

Ideal Borrower Profile

Ontario flippers or investors needing high-LTV bridge money before refinancing with a bank, and homeowners who must tap equity quickly for renovations or tax arrears.

Pros & Possible Drawbacks

Pros: generous LTVs, construction draws, transparent digital workflow.
Drawbacks: Ontario-only coverage; borrowers must apply through a broker, adding an extra fee layer.

12. Fisgard Capital Corporation — BC & AB MIC with National RRSP Investors

Located in Victoria and active since 1994, Fisgard Capital is one of the larger western-based Mortgage Investment Corporations that retail investors can access through RRSPs and TFSAs. For borrowers, that translates into a steady pool of funds even when other private mortgage lenders Canada-wide pull back. The company focuses on British Columbia and Alberta but will consider strong files in Saskatchewan, Manitoba and Ontario when security and exit look solid.

Snapshot

Fisgard writes first and second residential mortgages from $75 000 to $1.5 million, usually for 6–12 months. Interest can be prepaid and held in reserve, freeing up borrower cash flow during renovations or credit rehab.

Stand-out Features

Interest-reserve or interest-only payment options
Flexible pre-payment penalties after three months
Online document portal for brokers and lawyers
Funds both owner-occupied and rental properties
Transparent quarterly reporting of MIC performance

Typical Rates, LTVs & Fees (2025)

1st: 7 – 9 % | 2nd: 10 – 13 %
Max LTV: 80 % (75 % rural)
Lender fee: 2 % plus legal/appraisal costs

Ideal Borrower Profile

BC or Alberta homeowners needing a 6–12-month bridge to finish renovations, settle CRA arrears or await long-term bank financing, and who value the ability to capitalise interest.

Pros & Possible Drawbacks

Pros: RRSP-funded stability, clear fee disclosure, accommodating prepayment terms.
Drawbacks: limited appetite for rural or specialty properties; funding timeline of 5–7 business days may be slow for emergency closings.

Key Takeaways for 2025 Borrowers

Private mortgages hinge on the equity in your home rather than sterling credit or neat payslips; that freedom comes at a premium, with rates typically 2–4 points above bank offers and terms capped at two years. Each lender on our list differs by region, maximum loan-to-value, documentation demands and speed, so compare the total cost of borrowing—rate, fees and legal bills—alongside the exit strategy you’ll use to get back into cheaper money. Always stress-test the monthly (or interest-only) payments and build in a cushion for renewal or discharge penalties should plans change. If you’re ready to see how much equity you can unlock, book a no-obligation chat with Private Lender Inc. and get a personalised roadmap in under 24 hours.