Private & second mortgages

For when a bank can't approve you yet, you need funds fast, or it's a short-term bridge. Based mainly on home equity and how you'll pay it off (exit plan); rates and fees are higher than banks.

Who it's for

✓ Declined by a bank (income proof, damaged credit)
✓ Need funds fast, e.g. closing gap or bridge
✓ Arrears or tax debt, or facing power of sale
✓ Self-employed with hard-to-prove income but home equity

Rates

Private loans are priced case by case on equity and situation, usually interest-only, plus lender, broker, legal and appraisal fees. Use the private loan cost tool for the total.

Key terms

Loan-to-value: Usually up to about 75-80%; Of the home's value, first and second mortgages combined.
Term: Typically 6-24 months; Often 12 months; renew or move back to a bank.
Payments: Usually interest-only; The principal is due in full at maturity.
Approval: Home equity + exit plan; Looser on income and credit, but you must show how you'll repay.

What's your situation?

Declined by a bankCan I still borrow?True costInterest plus fees in total?Bridge / closing gapHow much, and what will it cost?Arrears / power of saleHow much time do I have?Self-employedLow taxable income?Scam checkIs this lender legit?

Documents you'll usually need

ID and proof of ownership (title, property tax bill)
Current mortgage statement (for a second mortgage)
Whatever income or assets you can show (less than a bank needs)
Exit plan: timeline to sell, refinance or move back to a bank

Build the full list for your case →

How it works

1Tell us the situation and urgency; we estimate how much
2Appraisal and title search
3Get written terms and see every fee
4Lawyer funds the loan; start planning the move back to a bank

FAQ

Why are private rates higher?

The lender takes more risk over a short term, so rates and fees are higher. Use it as a short-term bridge, not long term.

Do I pay fees before funding?

Legitimate fees are usually deducted at funding or handled by the lawyer. Be very careful if asked to wire a fee upfront; try the scam check.

Does a second mortgage affect my first?

It ranks behind the first, which you keep paying as usual. Some first mortgages restrict adding a second; check your contract first.

When can I move back to a bank?

Depends on why you were declined: after credit repair, higher reported income or clearing arrears, often 6-24 months.

Residential mortgages →Buying a home or first home Commercial mortgages →Buying retail, office or industrial

General rules and typical ranges from public sources, not an approval or commitment. Rates, loan-to-value and terms are subject to the lender's written approval.