Can’t qualify for a mortgage with the bank?
We’ve got you covered. With high home prices and tightening requirements for traditional lenders: banks, credit unions, and trust companies—especially with the added hurdle of the mortgage stress test—private mortgages are becoming a go-to option for many Canadians.
Whether you’re an investor, a non-resident of Canada, facing credit issues, or just in need of short-term financing without the usual penalties, we’re here to help.
At Ross Taylor Mortgages, we review all your options and connect you with top lenders to secure the best terms available. With our extensive experience, reputable network, and industry knowledge, we’ll help you find the perfect solution for your situation.
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Ross Taylor Mortgages is the leading brokerage in Toronto, Canada. We provide customized solutions with proven results, the best rates, and trusted lenders. We connect you with the best lenders and mortgage terms available in Canada.
What is a private mortgage?
Most people have heard of private mortgage lenders but don’t really know what they are or how they work.
- Private mortgage loans can be a viable alternate financing source for borrowers who don’t qualify for mortgages with banks.
- They are typically a high-return investment opportunity for investors.
- A private mortgage is typically offered by either a Mortgage Investment Corporation (MIC) or directly by wealthy private investors (individually or syndicated).
- Private mortgages can often be more expensive than traditional mortgages and tend to be for shorter terms.
How can our private lenders help you?
Our private lenders in Canada offer flexible and tailored solutions when traditional banks can’t or won’t. Whether you’re consolidating debt, dealing with mortgage arrears, or funding a renovation, our reputable lenders provide opportunities to regain financial control, often with quicker turnaround times.
At Ross Taylor Mortgages, we pride ourselves on our experience and attention to our clients. We find the best solution for you and your loved ones.
Click any of the links here for more info ↓↓
- How can private lenders help me when banks say no?
- How can I consolidate my debt into my mortgage?
- How can I get help with tax CRA debt?
- How can I stop the power of sale on my home?
- I’m behind on my mortgage payments, what do I do?
- Is it possible to restructure my mortgage and other loans?
- Can I get financing for major home renovations?
- How can I finance a unique or non-conforming property?
- Should I consider a private lender?
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What you need to look out for when securing a private mortgage
The ideal private mortgage lender does not take advantage or use their leverage to be aggressive. If there is a need for an extension, they don’t turn it into an opportunity to be unfair or predatory.
If accommodation is needed, they don’t leverage it into a money grab. They work WITH their borrowers.
How Can You Avoid Falling for the Wrong Private Mortgage Deal?
Private Mortgages FAQs
How can private lenders help me when banks say no?
If you’re feeling overwhelmed by traditional bank lending processes or have been turned down for a mortgage, private lenders might be the solution you’re looking for.
Our private lenders are more flexible with their lending criteria, especially if you’re self-employed, have a poor credit history, or own a unique property.
They assess your financial situation holistically, focusing more on the value of your assets (like your home) and your ability to repay the loan rather than just your credit score.
This flexibility allows you to access the funds you need faster and with fewer hurdles than going through a bank.
How can I consolidate my debt into my mortgage?
Debt can become unmanageable when spread across multiple high-interest loans, like credit cards or personal loans. Consolidating your debt into your mortgage allows you to roll all those payments into one, often at a lower interest rate.
This not only simplifies your finances but can also save you thousands of dollars in interest payments over time. In 2024, with mortgage rates beginning to soften after a period of high rates, consolidating your debt through your mortgage is an even smarter move for many Canadians.
How can I get help with tax CRA debt?
Owing money to the Canada Revenue Agency (CRA) can be incredibly stressful, especially if they’ve issued legal warnings or are threatening to garnish your wages.
Our private lenders will help you pay off those tax arrears by providing a mortgage that covers the amount you owe.
This way, you clear your tax debt, avoid additional penalties, and get the CRA off your back.
Plus, private lenders tend to act quickly, which is a huge plus with time-sensitive tax debts piling up.
How can I stop the power of sale on my home?
When you’re behind on mortgage payments, your lender could initiate a power of sale, which means they’re trying to sell your home to recover the debt. If this happens, you need to act fast to avoid losing your home.
Our private lenders will help by offering a short-term loan or refinancing option to get you current on your mortgage.
Stopping a power of sale means you keep your home and buy yourself some time to get back on your feet financially.
I'm behind on my mortgage payments, what do I do?
Being behind on mortgage payments is overwhelming, especially when penalties and interest start to pile up, but there are solutions available.
If you’re in arrears, our private lenders can offer solutions such as refinancing your current mortgage or providing a second mortgage to catch up on missed payments.
By resolving your arrears, you avoid foreclosure and regain control over your home’s future. The sooner you address mortgage arrears, the more options you’ll have.
Is it possible to restructure my mortgage and other loans?
Restructuring your mortgage or loans can give you the breathing room you need if your financial situation has changed—perhaps due to a job loss, health issues, or other unexpected life events.
Our private lenders will work with you to restructure your financing, whether that means extending the term of your mortgage to lower your monthly payments or consolidating several debts into one manageable payment.
The goal is to find a solution that works for your current financial reality, making it easier to stay on track.
Can I get financing for major home renovations?
If you’re planning a big renovation but don’t have the cash, private lenders can help. You might be wondering how to finance your home upgrades and increase your property’s value without dipping into your savings.
Our private lenders can provide the financing you need for major home improvements, whether you’re updating a kitchen, adding a bathroom, or finishing a basement.
With real estate prices still relatively high in many parts of Canada, investing in your home can pay off in the long run. Renovations can increase your home’s value, and the right financing can make those big projects a reality without draining your savings.
How can I finance a unique or non-conforming property?
If you own a unique or non-conforming property—something that doesn’t fit the standard mold, like a tiny home, a rural property, or a mixed-use building—you might struggle to get financing from traditional lenders.
Our private lenders are more open to funding these types of properties because they look beyond the conventional criteria used by banks.
So whether your property is outside city limits, off the grid, or just a little out of the ordinary, private lenders can help you secure the financing you need.
Should I consider a private mortgage?
Our private lenders in Canada offer flexible and tailored solutions when traditional banks can’t or won’t.
Whether you’re consolidating debt, dealing with mortgage arrears, or funding a renovation, these lenders provide opportunities to regain financial control, often with quicker turnaround times.
Of course, these solutions often come with higher interest rates, so it’s important to assess your ability to repay before jumping in. But when used strategically, private lenders can be the key to unlocking your home’s financial potential.
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