Private & Emergency Mortgage
"The bank turned me down — and I'm running out of time."
When the banks say no or a deadline looms, private lenders look at the bigger picture — primarily the equity in your property. We move fast, discreetly, and structure exits back to A-lending whenever possible.
- 24–48 hour conditional approvals
- Power-of-sale and arrears specialists
- Equity-first underwriting
- Clear plan to exit back to bank rates
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Last updated 2026-07-10
Who a private & emergency mortgage is — and isn't — for
- Homeowners facing power of sale who need to stop the process this week
- Buyers with a firm closing date and a bank decline in hand
- Self-employed borrowers with strong equity but weak documentable income
- Investors bridging into a purchase before a longer-term refinance
- Long-term financing needs with no plausible exit in 12–24 months
- Borrowers whose only issue is a slightly imperfect file that a B-lender would approve
Myths vs. reality
Private mortgages are predatory.
They're expensive because they price risk correctly. What's predatory is placing a private mortgage without a documented exit — competent brokers refuse to do this.
Private mortgages ruin your credit.
A private mortgage reports the same as any other mortgage — on time is on time. Successfully carrying a private mortgage for 12 months and refinancing out typically improves credit.
Only desperate borrowers use private lenders.
Sophisticated investors use private capital routinely for speed on time-sensitive purchases, bridging deals, and non-standard properties.
Private Lender vs. Alternative (B) Lender vs. Prime (A) Lender
| Private | Alternative / B | Prime / A | |
|---|---|---|---|
| Underwriting focus | Equity first | Equity + income | Full income, credit, ratios |
| Rate | 8–14% | Prime + 1–3% | Best market |
| Speed to close | 5–10 days | 10–20 days | 2–3 weeks |
| Term | 6–12 months typical | 1–2 years | 1–10 years |
| Fees | 1–3% lender + 1–2% broker | 0.5–1% | Usually $0 |
| Best for | Emergency, bruised credit | Bruised credit, self-employed | Clean files |
What working together looks like
- Step 1
Same-day triage
24-hour review: property, equity position, urgency, and target exit. We tell you directly whether private is the right tool.
- Step 2
Lender placement
Match to a private lender or MIC whose LTV, rate, and term appetite fits the file. Conditional approval in 24–48 hours.
- Step 3
Documented exit plan
Written exit plan in the file: target date, target lender, credit or income conditions to satisfy.
- Step 4
Funding
Legal instructed, funds released to lawyer, closing in 5–10 days on clean files.
- Step 5
Exit execution
12–18 months later: refinance to alternative or prime pricing per the plan.
Common questions
Real answers from a licensed Ontario mortgage broker.
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About the broker
Jay Klair
Licensed Mortgage Agent Level 2 · License M09000869
Jay Klair is a licensed Ontario mortgage broker with 15+ years of experience helping over 500 families across the province — including specialists work in mortgage renewals, refinance, private mortgages, reverse mortgages, HELOCs, construction financing, debt consolidation, and self-employed mortgages.
Licensed through Real Mortgage Associates (FSRA #10464), part of the DLGC Group of Companies, with access to 50+ lenders across prime, alternative, and private channels. Serving Ontario in English, Punjabi, and Hindi.
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Learn moreReady to see your options?
Free, confidential, no obligation. Most clients hear back from Jay the same business day.
- Free, no-obligation consultation
- Response within 24 hours
- 100% confidential
- Solutions for every situation