Private Mortgages in OttawaCosts Up Front. Exit Plan From Day One.
I'm based in Halton Hills, and I arrange private mortgages for Ottawa homeowners when a bank or B-lender can't move fast enough or won't say yes. CRA balances, a credit hit after a job loss, a power of sale clock. Private money can fix those, but it's expensive, so you see every fee and the way out before you sign.
Private firsts and seconds, with a written exit plan
Banks Have a Box. You Don't Fit in It.
Private lenders look at your equity first and your credit second. In Ottawa they usually fill one of a handful of gaps:
- CRA balances or unfiled returns that have to be cleared before a bank will even read the file
- A score that dropped after a layoff, a separation or a run of missed payments
- A power of sale notice, where speed matters more than rate
- Buying before you sell in a slower market: Ottawa sales were down 10.7% year over year in October
"Private money is a bridge. If there is no far side, we don't build it."Kat Brazier, Mortgage Agent Level 2
- Exit plan written before you sign
- Every fee shown in dollars
- Only FSRA-licensed lenders and brokerages
What a Private Mortgage Actually Costs
Ranges, not quotes. Your file sets the number, and you see it in writing before anything is signed.
| Cost | Typical range | What to know |
|---|---|---|
| Interest rate | High single digits to low double digits | Second mortgages sit at the top of the range |
| Lender fee | 1% to 4% of the loan | Usually taken from the advance |
| Broker fee | Often 1% to 2% | Disclosed upfront, before you sign |
| Term | Usually 12 months | Renewing tends to bring a new fee |
| Payments | Often interest-only | The balance doesn't shrink |
| Legal and appraisal | Paid at closing | Your own lawyer, a local appraiser |
A worked example: a $100,000 private second at 11%, interest-only, runs about $917 a month. Add a 2% lender fee and a 1.5% broker fee and that's $3,500 up front. Worth it to stop a power of sale or clear CRA. Not worth it to fund a renovation you could wait a year on.
One more number. When Ontario's regulator, FSRA, surveyed homeowners, 54% believed private mortgage payments pay down the principal. Often they don't. On an interest-only loan, the balance on day 365 is the balance on day one.
How Much Can You Borrow Against an Ottawa Home?
Most private lenders cap total borrowing at 75% to 80% of value inside the city, counting every mortgage on title. On a home at October's Ottawa average of $678,512, that's roughly $508,900 to $542,800 in total. Rural Ottawa Valley and Eastern Ontario properties often get a lower limit, and so do unusual homes that are harder to resell quickly.
Need Money Fast? See the Full Cost First.
Thirty minutes. You'll see the likely rate, every fee in dollars and how you'd get out within a year.
Confidential · Same-week calls · Licensed in Ontario
Your Exit, Planned on Day One
A private mortgage should end one of three ways: a refinance to a B-lender or bank once credit and taxes are cleaned up, the sale of the property, or a payout from savings or an estate. I map which one fits you before you sign, then we work toward it month by month.
Renewing a private loan is possible. It usually costs another fee, so it's the backup, never the plan. For CRA files specifically, read getting a mortgage with CRA tax arrears.
"By month nine we should already know where the payout is coming from."Kat Brazier, Mortgage Agent Level 2
- Credit rebuilt and reported
- Taxes filed and CRA cleared
- A B-lender or bank lined up
Check Who You're Borrowing From
Some Ottawa Facebook groups have posts from people hunting for a private lender for a second mortgage. Be careful there. In Ontario, mortgage brokerages and mortgage administrators must be licensed by FSRA, and this year FSRA moved to revoke one private lending business's licence. Look anyone up on FSRA's public licence search before you sign. Me included: Mortgage Agent Level 2, licence #M23007671.
One Bank Has One Answer. I Have Fifty.
50+Lenders I can approach for an Ottawa file, from banks and B-lenders to private money.
| Private file | Your bank | Kat Brazier |
|---|---|---|
| Private lenders | Not offered | Several |
| Score under 600 | Usually a no | Often a yes |
| Exit plan in writing | Not applicable | Before signing |
| Route back to bank rates | Not offered | Planned |
Fast, Without Cutting Corners
I'm based in Halton Hills and arrange files across Ontario. Virtual calls work great, and private deals often close within a week or two.
Equity Check
We confirm value, existing mortgages and what you need, in one call.
Lender Match
Your file goes to licensed private lenders with terms and fees compared.
Close and Count Down
An Ottawa lawyer closes it, and the exit plan starts the same week.
Private Mortgage Questions From Ottawa
Straight answers before you borrow at private rates.
How fast can a private mortgage close in Ottawa?
Often within a week or two, and faster when a power of sale or a closing date is close. The appraisal and your lawyer usually set the pace.
Can I get a private mortgage with a credit score under 600?
Yes, in most cases. Private lenders lend mainly on equity, so your score matters less than how much of the home you own and how you'll pay the loan back.
Do private mortgage payments pay down the principal?
Often not. Many private loans are interest-only, so the balance stays put until you refinance or sell. Check the commitment before you sign; I'll point it out either way.
What happens if I can't refinance after 12 months?
Many private lenders will renew for another term, usually with a new fee. That's why the exit plan matters: we work on credit, taxes or a sale from month one, so a renewal is a backup and not the plan.
Can a private mortgage stop a power of sale in Ottawa?
It can, if there's enough equity and it closes before the sale does. Speed matters, so call as soon as the notice arrives.
You're based in Halton Hills. Can you arrange a private mortgage on my Ottawa home?
Yes. I work with clients across Ontario from Halton Hills, and virtual calls work great. The appraisal is local, an Ottawa lawyer handles closing and registration, and every document is signed electronically.
More Ways I Help
If your goal is clearing cards and loans, compare options on my debt consolidation Ottawa page first. Facing a deadline from your lender? Read about power of sale help. More on how private lending works in my straight talk on private lenders, or head back to my Ottawa mortgage page.
Let's Price It Before You Commit
Book 30 minutes. You'll see the likely rate, every fee and the exit plan before anything is signed. If private money isn't the right move, I'll tell you that too.
- 416-464-6763
- info@katbrazier.com
- Based in Halton Hills, serving Ottawa, Eastern Ontario and all of Ontario by phone and video
Kat Brazier, Mortgage Agent Level 2 · FSRA License #M23007671
Mortgage Powered Financial Group, FSRA #13720
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