Private Mortgage Loan in Quebec
When the bank says no, there may still be options.
A private mortgage loan can be a temporary solution for homeowners who need to act quickly, whether because of a refused renewal, a 60-day notice, tax debt, damaged credit, or an urgent need for liquidity.
The goal is not to keep you in expensive financing long term. The goal is to stabilize the situation now, with a clear exit strategy to help you move toward a better mortgage solution as soon as possible.
As a mortgage broker, my role is to explain your options, the costs, the risks, and the next steps clearly, so you can make an informed decision.
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A temporary solution when traditional lenders are not an option
Has your bank refused your mortgage request? Do you need financing quickly, but your situation does not fit traditional lending guidelines?
A private mortgage loan may be an option when bank financing is not available at the moment.
I am Rui Alberto Maia, mortgage broker in Montreal, affiliated with Dominion Lending Centres and licensed by the Autorité des marchés financiers. I help homeowners across Quebec find mortgage solutions adapted to their situation, even when the file is more complex.
What is a private mortgage loan?
A private mortgage loan is financing offered by a private lender instead of a bank or traditional financial institution.
This type of loan is often based mainly on the value of your property, the equity available, your exit strategy, and the overall strength of the file.
It can be used as a temporary solution to give you time to stabilize your finances, pay off certain debts, avoid more serious consequences, or prepare for a return to traditional financing.
A private mortgage should not be seen as a permanent solution. In most cases, the goal is to create a clear financial bridge, with a realistic plan to exit the loan at the right time.
When can a private mortgage help?
A private mortgage loan may be useful in several situations.
Your mortgage renewal was refused
If your current lender refuses to renew your mortgage, you need to act quickly. A private mortgage may help you avoid an emergency situation and put a temporary solution in place.
You have missed mortgage payments
Late or missed payments can make refinancing difficult with a bank. A private lender may analyze the file differently, especially if there is enough equity in the property.
You received a 60-day notice
A 60-day notice should never be ignored. The sooner you act, the more options may be available. Private financing may help regularize the situation before it gets worse.
You have tax debt with CRA or Revenu Québec
Tax debt can create serious financial pressure. Depending on your available equity, private mortgage refinancing may help consolidate or pay certain tax debts.
Your credit is affected
Poor credit, a past bankruptcy, a consumer proposal, or missed payments can limit your options with traditional lenders. A private lender may sometimes look at the file with more flexibility.
You are self-employed
If your income is difficult to prove under traditional banking rules, a private mortgage may provide a temporary option, especially when the property has enough equity.
You need liquidity quickly
An urgent need for funds can happen because of a separation, estate matter, business project, urgent renovations, debts, or a family situation. A private mortgage may be an option to evaluate.
What does a private lender look at?
Unlike banks, private lenders often place more importance on the property and the available equity.
They may review:
- The market value of the property
- The current mortgage balance
- The available equity
- The type of property
- The property location
- The reason for the financing
- Your ability to make the payments
- Your exit strategy
- The overall risk of the file
Every situation is different. That is why a personalized analysis is essential before recommending this type of financing.
Don’t wait until your options disappear
60-day notice, refused renewal, tax debt, urgent need for liquidity or credit challenges: the earlier you act, the more options you may have.
Possible advantages of a private mortgage loan
A private mortgage can offer certain advantages when traditional solutions are not available.
More flexibility
Private lenders may accept files that do not meet the strict criteria of banks.
Faster decision
In some cases, the analysis can be faster than with a traditional lender, especially when the required documents are available.
A solution for complex files
Damaged credit, difficult-to-prove income, tax debt, refused renewal, missed mortgage payments: some situations require a different approach.
A way to protect your property
When properly structured, a private mortgage may help you gain time, regularize a situation, and avoid more serious consequences.
Important points to understand
A private mortgage can be useful, but it must be used carefully.
Interest rates are generally higher than bank rates. There may also be lender fees, brokerage fees, appraisal fees, notary fees, and other costs related to the financing.
Before moving forward, it is important to understand:
- The total cost of financing
- The monthly payment
- The loan term
- The repayment conditions
- Possible penalties
- The exit strategy
- The risk if payments are not made
My role is to explain the options clearly, without pressure, so you can make an informed decision.
My approach
I do not present private lending as a miracle solution. I only consider it when it can make sense for your situation.
My work is to analyze your file, compare the possible options, and explain the benefits, limits, and risks.
The objective is simple: find a solution that addresses the immediate problem while preparing the next step.
In some cases, a private mortgage may be the best temporary option. In other cases, it may be better to explore an alternative lender, a B lender, debt consolidation, a planned sale, or another strategy.
How does the process work?
1. Analysis of your situation
We start by understanding your objective: refused renewal, debts, 60-day notice, need for liquidity, consolidation, or another urgent situation.
2. Property review
The property value and available equity are key elements. We also review the current mortgage balance and the debts to be paid.
3. Review of available options
I verify whether a bank, alternative, or private solution may be possible. The goal is always to consider the most advantageous options available based on your file.
4. Clear presentation of the conditions
If a private option is possible, I explain the conditions, costs, payments, term, and risks.
5. Exit strategy
A private mortgage needs a plan. We look at how to exit the loan: future refinancing, credit improvement, sale of the property, debt repayment, or another solution.
Why work with a mortgage broker?
A mortgage broker can help you navigate different types of lenders: banks, alternative lenders, and private lenders.
Instead of knocking on several doors yourself, you can get a broader analysis of your options.
With more than 25 years of experience in financial services, I help clients understand their possibilities, especially when their situation does not fit neatly into a bank’s standard box.
I can assist you in English, French, or Portuguese, depending on your preference.
Who is this service for?
This service may be suitable for homeowners who:
- Were refused by their bank
- Have a difficult mortgage renewal
- Need to refinance quickly
- Have debts to consolidate
- Have missed payments
- Received a 60-day notice
- Have tax debt with CRA or Revenu Québec
- Have damaged credit
- Are self-employed
- Need a structured temporary solution
Private lending is not for everyone
A private mortgage loan can offer a solution, but it is not suitable for every situation.
If the costs are too high, if there is not enough equity, or if there is no realistic exit strategy, it may be better to consider another option.
That is why I take the time to review your situation before recommending a direction.
My objective is not simply to find a loan. My objective is to find a solution that makes sense.
Frequently asked questions about private mortgage loans
Can I get a private mortgage with bad credit?
Yes, it may be possible. Private lenders can be more flexible than banks, especially if there is enough equity in the property. However, your credit is still part of the file and may affect the conditions.
Is a private mortgage fast?
In some cases, the process can be faster than with a bank. The timeline depends on the documents available, the property appraisal, the notary, and the complexity of the file.
How long does a private mortgage last?
A private mortgage is often used as a short-term solution. The term can vary depending on the lender and the situation. What matters most is having a clear exit strategy.
Can I consolidate debts with a private mortgage?
Yes, it may be possible if you have enough equity in your property. This can help consolidate certain debts and reduce monthly pressure. However, the costs and conditions must be reviewed carefully.
Is it possible if I received a 60-day notice?
Yes, there may still be options, but you need to act quickly. The longer you wait, the more limited your options may become.
Do I have to sell my home?
Not necessarily. A private mortgage may help avoid a rushed sale. However, in some cases, a planned sale may be a better strategy than expensive financing.
Does a private mortgage cost more than a bank mortgage?
Yes, generally. Rates and fees are usually higher than traditional bank financing. That is why it is important to understand the total cost before signing.
Your situation deserves a clear answer
If your bank refused your file, if your renewal is becoming complicated, or if you are facing an urgent financial situation, there may still be options.
A call can help clarify your situation, your available equity, and the possible solutions, without pressure.
I will explain the costs, risks, conditions, and next steps clearly before any decision is made.
Personalized financial advice
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