Private Mortgages in Alberta and BC
When the bank says no, a private mortgage can still get you the money you need. Private lenders look mainly at the equity in your home, so bruised credit, irregular income or past collections don't have to stop you. We use private lending as a short-term bridge, with a clear plan to move you back to a lower-cost lender.
Alberta: 587-900-0036 | BC: 604-200-3228
Who Private Mortgages Help
Homeowners with low credit scores or recent missed payments
Self-employed people whose tax returns don't show their real income
People with low or no current income who have equity
Homeowners behind on property tax, CRA or other debts
Anyone who needs funds fast and can't wait for a bank
An Exit Plan From Day One
Private money costs more than bank money. We only recommend it when it's the right tool, and we show you the exit plan before you sign.
That plan covers:
- What needs to change (credit, debt, income documents)
- Roughly when you could move to a lower-cost lender
- What it will cost now, and what you should save after
Most private lenders will go up to 80% of your home's value across all mortgages, and sometimes 85%. Your equity is the main factor.
Real Files We've Closed
Approval is based mainly on your equity and a clear plan for how the payments will be covered.
A $200,000 deposit, saved
A client had bought a pre-sale condo three years earlier. To close, she needed equity from her home or she'd lose her $200,000 deposit. Another brokerage couldn't get it done. We took equity out of her home and closed the purchase without showing any current income.
A year of breathing room
Another client had lost her job. We took out extra equity from her home to cover her mortgage payments for a full year, so she could focus on her next step instead of stressing about payments.
Who we work with
We work with established private lenders, mortgage investment corporations (MICs) and institutional lenders who look at your equity as the main factor, not strict bank policies. A lawyer handles your signing and funds.
What Does a Private Mortgage Cost?
Private mortgages have higher rates and fees than bank mortgages. Costs depend on your file and can include:
- Lender fee: Some lenders charge none. Alternative and private lenders usually charge one.
- Broker fee: Depends on your file and the lender.
- Legal fees: A lawyer registers the mortgage and releases your funds.
- Appraisal: Ordered only after you're approved. Sometimes the lender handles it with a desk appraisal.
- Interest rate: Depends on the lender, your credit and your equity.
Every cost is shown to you before you sign. No surprises at the lawyer's office.
How It Works
Typical timeline: 10 days to 4 weeks from first call to funds.
1
Quick call (about 5 minutes).
We learn what you need.
2
Application by phone (about 10 minutes).
No forms to fight with.
3
Your proposal.
We show you what you should qualify for.
4
Documents.
Our team will reach out with exactly what we need.
5
We shop multiple lenders.
The goal is the best solution, not just the best rate.
6
Approval and appraisal.
You sign your approval, then the appraisal is ordered.
7
Lawyer signing.
We work with lawyers across Alberta and BC and can find one for you.
8
Funds released.
Your lawyer transfers the funds on closing.
Who We Help
Debt consolidation
Roll credit cards, loans and other balances into one manageable payment.
Bruised credit
A low score or past collections doesn't mean you're out of options.
Low income
Income that doesn't fit the bank's box can still qualify.
Self-employed
Write-offs lower your taxable income. We know how to present your income to lenders who understand how business owners actually earn.
Retirees
Pension income can qualify, even at a bank.
Renovations and big expenses
Use the value in your home for the project you've been putting off.
We work with homeowners across Alberta and BC, from Calgary and Edmonton to Surrey and Kelowna.
Why Homeowners Choose Elevate Lending
- Women-led, judgment-free. We help you through financial stress with dignity.
- Licensed in both BC and Alberta.
- In the real estate industry since 2010.
- Access to multiple lenders, so you're not stuck with one answer.
- Free consultation.
- All fees shown before you sign.
Private Mortgage FAQs
Do private lenders check credit?
Most do, but credit isn't the main factor. Equity is.
Do I need to show income?
Not always. We've closed private files without showing any current income. Approval is based mainly on your equity and a clear plan for how the payments will be covered.
Is a private mortgage safe?
We work with established private lenders, mortgage investment corporations (MICs) and institutional lenders who look at your equity as the main factor, not strict bank policies. A lawyer handles your signing and funds. You'll know every term and fee upfront.
How fast can it close?
Private files are often the fastest option. Most of our files close in 10 days to 4 weeks.
Can I qualify if I'm self-employed?
Yes. Private lenders look mainly at your equity, so tax returns that don't show your real income don't have to stop you.
What does it cost?
It depends on the lender and the solution. You'll see every fee before you sign anything.
What documents will I need?
It depends on your file. After your application, our team will reach out with exactly what we need.
Do I need my own lawyer?
You'll need a lawyer to sign and release the funds. We work with lawyers across Alberta and BC and can find one for you.