WHEN THE BANK SAYS NO

Private Mortgages in Ottawa Through Trusted Private Lenders

A bank decline does not have to stop your plans.

Bank Street Mortgage is a licensed Ottawa mortgage brokerage that connects homeowners, buyers and investors with trusted private mortgage lenders when a bank or alternative lender cannot help.

Private lenders focus on the equity in your property and your plan to repay, not only your credit score or tax return. We compare offers, explain every cost in writing and help you plan your way back to a regular lender.

Private Mortgage Lenders for Real Life Situations

Life does not always fit a bank checklist.

A separation, a slow year in business, a missed payment or a new self-employed income can push a strong borrower outside bank rules for a while.

A private mortgage is a loan from an individual investor or a mortgage investment corporation (MIC) instead of a bank. It is secured against your home or property, approved mostly on equity and usually set up as a short term solution.

Used the right way, a private mortgage can buy you time, protect your home equity and give you a clear path to better financing later.

A SHORT TERM BRIDGE TO BETTER FINANCING

How Private Mortgages Work in Ottawa

Private mortgages follow a different set of rules from bank mortgages.

Approval is based on equity. Most private lenders want total borrowing to stay around 75% to 80% of your property value.
Terms are short. Most private mortgages run 6 to 24 months, and one year is the most common.
Payments are often interest only. Your monthly payment covers the interest, so the balance does not go down unless you pay extra.
Rates and fees are higher than a bank. Expect a lender fee, often 1% to 3% of the loan, plus legal and appraisal costs.
Funding is fast. Many private files close in one to two weeks once the appraisal is done.

In Ontario, your mortgage brokerage must give you the cost of borrowing and all fees in writing before you sign. At Bank Street Mortgage we walk you through that disclosure line by line.

Private Mortgage Solutions We Arrange in Ottawa

We work with a network of private lenders and mortgage investment corporations across Ontario. Depending on your goal, we can help arrange the following.

Private first mortgages for purchases and refinances
Private second mortgages to access home equity
Debt consolidation using your home equity
Bridge financing between a purchase and a sale
Mortgages after bad credit or recent arrears
Self-employed and hard to prove income files
Rental and investment property loans
Short term commercial and construction loans

Our Private Mortgage Process

Understand Your Goal

We learn what you need the funds for, how much equity you have and what happened with your bank. It costs nothing to talk.

Check Bank and B Lender Options First

Private lending should be the last stop, not the first. We check if a bank or alternative lender can approve you at a lower cost.

Compare Private Lender Offers

If private is the right fit, we take your file to several private lenders and MICs and compare the total cost, not just the rate.

Review Every Cost in Writing

You see the rate, lender fee, broker fee, legal and appraisal costs in writing before you sign anything.

Plan Your Exit From Day One

We build a plan to move you to a B lender or bank as your credit or income improves, so you are not stuck paying private rates.

Why Ottawa Borrowers Use Bank Street Mortgage for Private Lending

Licensed and Regulated

We are an FSRA licensed mortgage brokerage (licence #10176), so every private file comes with proper disclosure and a suitability review.

Broker First, Not Lender First

We are not tied to one private lender. We compare options and only recommend private financing when it truly makes sense for you.

Clear Total Cost

We show you what you will receive, what you will pay and when the loan ends, in plain language.

A Path Back to a Bank

Our team also arranges bank and B lender mortgages, so we can help you move out of private financing when the time is right.

IS PRIVATE LENDING RIGHT FOR YOU?

Who Is a Good Fit for a Private Mortgage?

A private mortgage may make sense if you

Have good equity in your Ottawa home or property
Were declined by a bank because of credit, income type or timing
Need funds quickly for a purchase, closing gap or debt payoff
Have a clear plan to sell, refinance or rebuild your credit within one to two years

A private mortgage is usually not the right fit if you have very little equity or no realistic way to repay or refinance when the term ends. In that case we will tell you honestly and look at other options with you.

Private Mortgage FAQs

1. What is a private mortgage lender?

A private mortgage lender is an individual investor or a mortgage investment corporation that lends its own money instead of a bank. Bank Street Mortgage connects Ottawa borrowers with private lenders when bank financing is not available.

2. How much does a private mortgage cost in Ottawa?

Private mortgage rates are higher than bank rates and depend on your equity, the property and the mortgage position. Most private loans also carry a lender fee, often 1% to 3% of the amount borrowed, plus legal and appraisal costs. We show you the full cost in writing before you commit.

3. Can I get a private mortgage with bad credit?

Yes, in many cases. Private lenders focus mainly on the equity in your property and your plan to repay, so a low credit score or past missed payments does not automatically mean a decline.

4. How fast can a private mortgage close?

Many private mortgages fund within one to two weeks after the appraisal and documents are complete. Simple files with strong equity can sometimes move faster.

5. Is a private second mortgage the same as a private mortgage?

A private second mortgage sits behind your existing first mortgage, so you keep your current mortgage and rate. It is often used for debt consolidation or renovations. Learn more on our second mortgages in Ottawa page.

6. How do I get out of a private mortgage?

Most borrowers exit by refinancing with a B lender or bank once their credit or income improves, or by selling the property. Bank Street Mortgage plans this exit with you from the start and can help you move your mortgage when the term ends.

Ready to See If a Private Mortgage Can Work for You?

Every situation is different, and a short call can save you time and money.

Talk to a Bank Street Mortgage broker about your goal, your equity and your options. We will tell you honestly if a bank, B lender or private lender is the best fit, and what it will cost.

Call 613-523-4949 or contact us online to book a free review.