Updated 2026-09-05
Private 1st Mortgage Rates in Canada
First-position private lending for purchases, refinances, CRA clean-ups and tight closings — priced by equity and appraisal, not by your pay stubs. Rates below are sorted lowest first; filter to your province and loan-to-value, and get the named quote for any row.
Sample data shown while the live private board is being loaded. Rates and fees below are illustrative only.
| Lender | Max LTV | Rate | Lender fee | Term | Loan range | HELOC | Action |
|---|---|---|---|---|---|---|---|
| Private fund ON, BC, AB · HELOC to 65% LTV | 80% | 7.99% | 1.50% | 1 year | $150,000–$2,500,000 | ✓ | Get pricing |
| Private fund BC · Lower Mainland | 75% | 8.15% | 1.75% | 1 year | $250,000–$5,000,000 | ✓ | Get pricing |
| MIC ON, BC | 75% | 8.25% | 2.00% | 1 year | $100,000–$2,000,000 | ✓ | Get pricing |
| MIC ON · Urban and suburban | 75% | 8.49% | 2.00% | 1 year | $100,000–$1,500,000 | — | Get pricing |
| MIC AB, SK, MB · Prairies focus | 65% | 8.99% | 2.00% | 6 months | $75,000–$1,000,000 | — | Get pricing |
No lenders match those filters — or ask a broker to source it.
Rates and fees are lender asks for well-located files at the stated maximum LTV, before broker fee, legals and appraisal. Every file prices individually — the Get Pricing quote is the real number. Lender names are disclosed to applicants, not published on the board.
How to read this board
Private firsts price on three levers: position (first on title is the safest private money, so it is the cheapest), loan-to-value (65% money beats 80% money), and location (urban beats rural). The lender fee is part of the price — a 7.99% rate with a 2% fee costs more over one year than 8.49% with a 1% fee on the same loan. Shop the total, and re-shop at every renewal: this board changes monthly.
Moving from a private first back to a bank
The point of a private first is to leave it. File the taxes, finish the proposal, season the credit — then refinance to a B-lender or bank, often within 12–24 months. Ask the broker to map that path before you sign; it is the difference between a bridge and a treadmill.
Not sure which position fits your file?
A licensed broker prices both against your equity, credit and exit plan — free, no credit pull to start.
Frequently asked questions
What rate should I expect on a 1st private mortgage?
First-position private money is the cheapest private money because the lender is first in line on title. Pricing moves with loan-to-value and location — a low-LTV urban file sits at the bottom of the board, a high-LTV or rural file toward the top, plus a lender fee typically between 1% and 3%.
How fast can a private first mortgage close?
With an appraisal in hand, days — one to two weeks is routine. The appraisal is usually the longest single step, so ordering it early is the best way to hit a tight closing.
Can I get a private first mortgage with bad credit?
Yes — that is a core use. Approval leans on the property’s appraised value and your equity. Credit still shapes the price and the lender wants the payment to be sustainable, but a low score is not an automatic decline the way it is at a bank.
Do private lenders verify income?
Lightly, compared to banks. They want confidence the payment plus taxes get paid — bank statements or a reasonable declaration often suffice where a bank would demand two years of notices of assessment.
