The bank said no. You still have options.
Bruised credit, a recent consumer proposal, new self-employment or a tricky property can all get a bank decline. Mitch knows the B-lenders and private lenders, and builds a plan to get you back to a regular lender.
What happens next.
Hover a step. Every file is different, but this is the path.
Honest assessment
We look at why you were declined and what it would take to qualify with each type of lender.
Pick the right tier
If a B-lender works, that usually costs less than private. Private is for when you need speed or the situation is more complex.
Build the exit plan
Before you sign, we set out the steps to move to a lower-cost lender: credit rebuilding, income documentation, debt paydown.
Check in and move on
We review your file before the term ends and move you to a better lender when you qualify.
Is this you?
- Anyone declined by their bank
- Borrowers rebuilding after a consumer proposal or bankruptcy
- Homeowners behind on payments or property taxes
- Newly self-employed borrowers
- Buyers of unusual properties regular lenders won't touch
How we can structure it.
A-lenders
Banks, credit unions and monoline lenders. The lowest cost, with the strictest credit and income rules.
B-lenders
Regulated alternative lenders with more flexible rules on credit and income. Higher rates and usually a lender fee, often on one to three-year terms.
Private lenders
Individuals or funds that lend mostly on equity. Fast and flexible, but the most expensive. Typically one to three-year terms, often interest-only.
Credit repair path
A step-by-step plan to rebuild your credit so you can move to a better lender at renewal.
Debt consolidation calculator
Add up your cards and loans and see one new payment next to what you pay today.
- Payments today (mortgage + debts)
- One new mortgage payment
- Debt paid off
- Freed up per year
- New loan-to-value
Estimate only, using Canadian semi-annual compounding. Example rates are for math, not an offer. Your actual rate and APR depend on your approval.
What you'll need
- Government-issued photo ID
- Income documents: pay stubs, job letter, or NOAs if self-employed
- Current mortgage statement, if you own
- Property tax bill and proof taxes are paid
- Consumer proposal or bankruptcy discharge papers, if they apply
- A short explanation of what led to the decline
Don't have it all yet? Start anyway. We'll tell you exactly what's missing.
Worth knowing first
- B-lender and private mortgages cost more than bank mortgages. Lender and broker fees may apply, and you'll see every one upfront, in writing.
- Private mortgages are short-term. Without an exit plan, you could face renewal fees or need to refinance under pressure.
- Approval isn't guaranteed. Every lender still looks at your equity, the property and your ability to repay.
- Missing payments on an alternative mortgage can get expensive fast. Only borrow what you can carry.
Good questions.
What's the difference between a B-lender and a private lender?
B-lenders are regulated institutions with flexible rules, and they cost less than private. Private lenders lend mostly on equity, move faster and cost the most.
How long will I be with an alternative lender?
The goal is short. Private terms are typically one to three years. We set an exit plan from day one so you can move to a better lender when you qualify.
Are there fees?
Often, yes. Alternative and private lenders usually charge a lender fee, and a broker fee may apply. Every fee is disclosed in writing before you commit.
Can I get a mortgage after a consumer proposal?
Often, yes, especially once it's paid out or close to it. Equity and how you've handled credit since then matter most.
Learn before you call.
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