Mortgage Refinance

Declined by your bank for a mortgage?

Do you need to close a purchase quickly?

Won’t your lender renew your mortgage?

New to Canada and do not have enough credit history yet?

Private Mortgage

A private mortgage can be the right solution when traditional financing no longer works for you. We see this when a bank declines a refinance, a lender refuses to renew your mortgage, or a purchase is at risk because something changed just before closing. We also help borrowers who are new to Canada and do not yet have enough credit history to qualify with a traditional lender.

At Sunlite Mortgage, we help borrowers use private mortgage financing when speed, flexibility, equity, and structure matter more than strict lending rules. We use private mortgages as short-term solutions. We do not treat them as long-term answers unless there is a very clear reason. Our mortgage brokers focus on solving the immediate problem and helping you move toward a better mortgage later.

In Surrey, a retired couple worked with a Sunlite Mortgage Sub Mortgage Broker to access a reverse mortgage — giving them the freedom to travel and enjoy a pre-retirement lifestyle while staying in the home they love.

What is a private mortgage?

A private mortgage is a mortgage from a private lender rather than a bank or other institutional lender. Private lenders usually focus more on the property, the amount of equity, the loan-to-value ratio, and the exit plan than on strict bank guidelines. That is why a private mortgage can work for borrowers who have a strong property and enough equity but do not meet traditional approval criteria right now.

We have access to private mortgage options for borrowers who need fast funding, have bruised credit, cannot prove income in the usual way, or need more flexibility than a bank will offer. In most cases, a private mortgage works best as a short-term tool. We use it to solve a problem now while planning for what comes next.

When does a private mortgage make sense?

A private mortgage makes sense when your mortgage problem is serious, but still solvable. We often recommend this option when a bank has declined the file, a lender will not renew the mortgage, a purchase needs to close quickly, or a borrower needs to use home equity to address a short-term issue, or you might be defaulting on your mortgage. We also see private mortgages used by borrowers who may be better served later by a self-employed mortgage, an equity mortgage, or other forms of alternative lending once their file is stronger.

The key is purpose. We want the mortgage to solve a defined problem and support a realistic next step. We do not want you stuck in an expensive mortgage with no clear path out.

A Collaborative Meeting Taking Place Among Colleagues in a Modern Office Environment

Declined by your bank for a mortgage?

A bank decline does not always mean the mortgage is impossible. In many cases, it only means the file does not fit that lender’s rules today. Banks may decline mortgages due to credit issues, income documentation problems, higher debt ratios, recent job changes, limited Canadian credit history, missed payments, or property concerns.

We can often still help if the property has a high enough value with strong equity, and the overall file makes sense. Our mortgage brokers look at the file from a different angle. We focus on whether the deal can be structured properly, not just whether it passed one lender’s checklist. If credit is one of the main reasons the bank said no, we may also review whether a bad-credit mortgage is the better fit right now.

Do you need to close quickly because your deal fell apart?

This is one of the most common reasons borrowers call us. A lender may cancel the approval value or fail to close on time. When that happens, your purchase, your deposit, and your plans can all be at risk.

We can use a private mortgage to help keep the deal alive when the numbers make sense. Speed matters in these situations, but structure matters too. We will always consider the full property value, the term, and the exit plan before recommending moving forward.

Won’t your lender renew your mortgage?

Many borrowers expect their mortgage to renew automatically, but that does not always happen. A lender may refuse a renewal due to missed payments during the mortgage term, higher debt, lower credit, income disruption, or a change in how the lender views the file.

We have private mortgage solutions that can replace the current mortgage when there is not enough time to fix credit or income file before maturity. That can give you time to stabilize the situation, protect the property, and work toward a better long-term solution. In some cases, we may also consider a second mortgage, or equity mortgage, if that structure solves the problem more efficiently.

Happy BC Mortgage Agent showing couple where to sign

New to Canada and do not have enough credit history yet?

Many newcomers have high incomes, savings, or assets, but still lack sufficient Canadian credit history for a traditional mortgage. That does not always mean they should have to wait indefinitely.

We can sometimes use a private mortgage as a temporary solution while you build credit and prepare for lower-interest-rate financing later. This only makes sense when the file is otherwise solid, and the costs are justified. Our mortgage brokers will tell you honestly when this strategy makes sense and when another option may be better.

How does a private mortgage work?

A private mortgage is usually set up as a short-term bridge financing, often for one or two years. Approval usually depends on the property’s value and marketability, the available equity, and the reason for the financing. Private lenders also want to know how you plan to repay the mortgage, refinance it, or exit the mortgage later.

That is why an exit strategy matters; we want to know what happens after the funds are advanced. In many cases, that means improving credit, completing a sale, refinancing into a lower-cost mortgage, or using the time to fix a temporary income or debt problem. If your goal is to move out of private financing later, read our guide on how to improve your credit to strengthen your mortgage options over time.

Two senior adults, a man and a woman, sit on a couch at home. They review paperwork and use a calculator with a laptop to discuss their life insurance policy.

couple signing a private mortgage contract

Is a private mortgage a good idea?

A private mortgage can be a smart solution when it helps prevent a bigger loss. We have seen it protect purchases, prevent missed closings, replace mortgages that would not renew, unlock equity at the right time, stop default proceedings, and create time to repair a file that is not a bank file today.

But a private mortgage is not right for every borrower. It can become the wrong solution if you do not understand the cost, the reason for using it, or the plan to get out of it. Some borrowers worry they could lose their home with a private mortgage, and that risk is real without a plan. That is why we carefully review the numbers and the exit strategy before recommending a private mortgage. In some cases, we will suggest selling the property, downsizing, or looking at a reverse mortgage instead.

Private mortgage

A private mortgage is different. We use it when flexibility and speed matter more than the lowest cost. It is usually a shorter-term, more expensive option, but it can solve problems that a bank will not. Sometimes it is the right answer. Other times, we may find that an equity mortgage, second mortgage, or broader alternative lending solution is the better fit. Our job is to help you choose the option that solves the problem with the least unnecessary cost and risk.

Traditional mortgage

A traditional mortgage is usually the better long-term option when you qualify for it. It is normally less expensive, more stable, and better suited to borrowers whose income, credit, and debt profile fit standard lending guidelines.

What should you consider before taking a private mortgage?

Before you move forward, you need to understand the full structure of the mortgage. That includes the interest rate, lender fees, brokerage fees, legal costs, term length, payment structure, and any conditions that affect payout or renewal. Some private mortgages also have expensive exit fees, and you need to understand all the costs before getting into a private mortgage.

We will review those details with you before you commit. A private mortgage still needs to make sense on paper. The property has to support the structure, and you need a clear plan for what happens next. If debt pressure is one of the main reasons you are considering private financing, we may also review whether a debt consolidation strategy would put you in a stronger position.

Our approach to private mortgage solutions

At Sunlite Mortgage, we use private financing as a last resort. We look at why the problem happened, how urgent it is, how much equity is available, and whether a private mortgage is truly the best fit. In some cases, it is; in others, our mortgage brokers may recommend another mortgage product or a broader alternative lending strategy.

We look beyond the approval itself. We want to know what happens after funding. That may mean improving credit, reducing debt, stabilizing income, refinancing later, downsizing, or exiting the private mortgage as soon as possible. We believe a private mortgage should always be tied to a clear next step.

Why work with Sunlite Mortgage?

Private mortgage files are rarely simple. They often involve urgency, lender refusals, equity pressure, income complexity, damaged credit, or a major life event. These files need more than a generic approval process.

We have experience with these situations, and we know how to structure them properly. Our mortgage brokers will move quickly when needed, explain the costs clearly, and help you understand when private financing makes sense and when it does not. We focus on solving the right problem in the right way.

Speak with Sunlite Mortgage about a private mortgage

If your bank declined the mortgage, your lender will not renew, your closing date is approaching quickly, or your file no longer fits traditional lending guidelines, we can review your options.

A private mortgage may help solve the immediate problem and give you time to move into a stronger long-term solution. Contact Sunlite Mortgage today to discuss your private mortgage options.

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Mortgage Refinance

Declined by your bank for a mortgage?

Do you need to close a purchase quickly?

Won’t your lender renew your mortgage?

New to Canada and do not have enough credit history yet?

Private Mortgage

What is a private mortgage?

When does a private mortgage make sense?

Declined by your bank for a mortgage?

Do you need to close quickly because your deal fell apart?

Won’t your lender renew your mortgage?

New to Canada and do not have enough credit history yet?

How does a private mortgage work?

Is a private mortgage a good idea?

Private mortgage

Traditional mortgage

What should you consider before taking a private mortgage?

Our approach to private mortgage solutions

Why work with Sunlite Mortgage?

Speak with Sunlite Mortgage about a private mortgage

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