When Traditional Banks Say No - There May Still Be Options

If you've been declined by your bank or need a fast, flexible solution, private mortgage lending may provide short-term relief while we work toward long-term stability.

What Is a Private Mortgage?

Understanding Private Mortgage Lending

 

A private mortgage is funded by an individual or private lending group rather than a traditional bank.

Private lenders focus primarily on:

 

• Property value
• Equity position
• Exit strategy

 

Rather than strict credit score or income guidelines.

 

Private lending is typically used as a short-term solution, not a permanent one.

When Is Private Lending Used?

Common Reasons Alberta Homeowners Consider Private Mortgages:

 

✔ Active foreclosure
✔ Urgent closing timelines
✔ Credit challenges
✔ Self-employed income not qualifying with banks
✔ Recent bankruptcy or consumer proposal
✔ Tax arrears
✔ Need short-term bridge financing

 

Private lending can stabilize a situation while we work toward refinancing you back into a traditional lender.

How Private Mortgages Work: What to Expect

Private mortgages typically:

 

• Are 1-year terms
• Have higher interest rates than banks
• Include lender fees
• Require sufficient equity/downpayment in the property

 

We review:

 

• Current property value
• Mortgage balance
• Total debt position
• Realistic exit strategy
• Timeline to improve qualification

 

Private lending should always have a clear plan for exit.

Do You Qualify? Qualifying for a Private Mortgage in Alberta

 

Private lenders primarily assess:

 

• Loan-to-value ratio (equity position)
• Property marketability
• Exit strategy
• Borrower stability

 

Credit score is considered, but it is not the primary deciding factor.

 

Even if you’ve been declined elsewhere, there may still be options depending on equity.

A Short-Term Solution, With a Long-Term Plan

 

At Iginla Group, private lending is never the end goal.

We:

 

• Structure private mortgages strategically
• Ensure the fees and costs are clearly explained
• Create a roadmap back to traditional financing
• Review refinancing options before term maturity
• Protect your equity wherever possible

 

Our role is to stabilize, then reposition you.

Facing a time sensitive situation?

If you’ve been declined or are dealing with urgency, let’s assess your options confidentially.

 

✔ Private review
✔ Clear cost breakdown
✔ Strategic exit planning

Or:

Send us a Message