Top Private Lenders in Ottawa

Second Mortgages Ottawa: Get Back on Track

Life is unpredictable. Whether you need to pay off arrears, consolidate debt, or just need a little extra help, we provide private loan solutions to make life easier.

Your home is more than just a place to live, it’s a financial asset. When unexpected expenses arise, second mortgages offer a practical way to access the equity you’ve built without selling your property.

At Bank Street Mortgage, we connect Ottawa homeowners with private mortgage lenders who provide fast, flexible financing when traditional banks say no.

We Are Here To Help

Private Mortgage Lenders Ottawa

Private lenders evaluate your situation differently than banks. Instead of focusing solely on credit scores, private mortgage lenders Ottawa consider your home equity, property value, and overall financial picture.

This approach means faster approvals and more flexible terms for homeowners who need immediate solutions.

Bank Street Mortgage works with a network of trusted private lenders Ottawa who specialize in second mortgage financing. Our lenders understand that life happens (job loss, medical emergencies, business setbacks, divorce), and they’re here to help you navigate through it without losing your home.

What makes private lending different:

Approval based on home equity, not just credit score
Fast funding, often within 48-72 hours
Flexible qualification criteria
Solutions for bruised credit or self-employed income
Interest-only payment options to keep monthly costs manageable

Second Mortgage Loans and Home Equity Solutions

A second mortgage is exactly what it sounds like, a loan secured against your property in addition to your first mortgage. The amount you can borrow depends on your home equity (the difference between your property value and existing mortgage balance).

Common uses for second mortgages:

Debt consolidation mortgage to eliminate high-interest credit cards

Paying property tax arrears to avoid liens

Clearing CRA arrears and tax debt Bringing first mortgage payments current to avoid foreclosureEmergency medical or legal expensesHome renovations that increase property value Business startup capital or investment opportunities

How Second Mortgages Work?

Private second mortgages in Ottawa typically have these features:

Short-Term Structure

Most second mortgage loans have 1-year terms, making them ideal for temporary financial solutions. They can be easily renewed based on your repayment history, or refinanced into a first mortgage once your credit improves.

Interest-Only Payments

Unlike traditional mortgages, many private mortgage solutions require only interest payments monthly. This keeps your cash flow manageable while you stabilize your finances.

Quick Approval Process

Private lenders can approve and fund second mortgages within days, not weeks. When you're facing foreclosure or need emergency funds, this speed makes all the difference.

Flexible Exit Strategies

You're not locked in forever. Most second mortgages Ottawa are open, allowing you to pay them off anytime without penalty. Once your situation improves, you can refinance into more favorable terms.

Bad Credit Second Mortgage Options

Traditional banks often reject second mortgage applications from homeowners with bruised credit. At Bank Street Mortgage, we specialize in helping Ottawa residents secure bad credit second mortgage financing through our alternative mortgage lenders network.

Your credit score tells one story, but your home equity tells another. Private lenders recognize that temporary financial setbacks don’t define your entire financial picture. If you have sufficient equity in your Ottawa property, you likely qualify for second mortgage financing regardless of credit challenges.

We’ve helped hundreds of Ottawa homeowners with previous credit issues access their home equity through private lending solutions.

Bank Street Mortgage Ottawa's Trusted Second Mortgage Specialists

For over 15 years, Bank Street Mortgage has helped Ottawa homeowners access their home equity through second mortgage solutions.

Our team understands the stress of financial difficulties and works tirelessly to connect you with private mortgage lenders who will approve your application quickly.

Why choose Bank Street Mortgage:

Direct access to 200+ private lenders Ottawa

Expert guidance through every step of the process

Same-day pre-approvals available

Transparent terms with no hidden fees

Proven track record of approving challenging applications

Local Ottawa expertise and personalized service

Don’t let temporary financial challenges threaten your home. Let us show you how a second mortgage Ottawa can provide the solution you need to get back on track.

Contact Bank Street Mortgage today:

Call: 613-523-4949

Email: office@ottawabrokers.com

Visit: 74 Colonnade Rd, Unit 2, Ottawa, ON K2E 7L2

Your home equity is your safety net, let us help you use it wisely.

FAQ's about Second Mortgages Ottawa

1. What is a second mortgage and how does it work?

A second mortgage is a loan secured against your property in addition to your primary mortgage. It allows you to borrow against your home equity without refinancing your first mortgage. Private second mortgages typically have 1-year terms with interest-only payments and faster approval than traditional bank loans.

2. How much can I borrow with a second mortgage in Ottawa?

The amount depends on your home equity and loan-to-value ratio. Most private lenders Ottawa will lend up to 80-85% of your property value when combined with your first mortgage. For example, if your home is worth $500,000 and you owe $300,000, you could potentially borrow up to $125,000.

3. What are second mortgage rates in Ottawa?

Second mortgage rates Ottawa vary based on loan-to-value ratio, property type, and borrower circumstances. Private rates typically range from 8-15% annually. While higher than first mortgages, they’re often more affordable than carrying high-interest credit card debt or facing foreclosure.

4. Can I get a second mortgage with bad credit?

Yes. Private mortgage lenders focus on your home equity rather than credit scores. If you have sufficient equity in your Ottawa property, you can qualify for a bad credit second mortgage through alternative lenders who understand that credit challenges don’t define your ability to leverage home equity.

5. How fast can I get approved for a second mortgage?

Private second mortgages can be approved within 24-48 hours and funded within 3-5 business days. This is significantly faster than bank mortgages, which typically take 2-4 weeks. When you need emergency funds or face time-sensitive situations, private lenders provide the speed you need.