Private Mortgage Lenders in British Columbia: Rates, Fees and When a Private Mortgage Makes Sense
Private lending is equity lending: the property matters more than the borrower. Expensive, fast, and short-term. Here is what it costs in British Columbia and when it is the right answer.
Who a private mortgage lenders in British Columbia covers
- Borrowers declined by both A and B lenders
- Files needing to close in days rather than weeks
- Owners with strong equity and a genuinely temporary problem — arrears, a tax lien, an unfinished renovation
What British Columbia lenders look for
| Equity first | Most private lenders want 20% to 35% equity and care far more about the property than the income or the score. |
| Lender and broker fees | Both are normal here, typically 1% to 3% each, deducted from the advance. They should be quoted in writing before you commit. |
| Short terms | Six to twelve months is standard. A private mortgage is a bridge, and it should be arranged with a stated exit. |
| Interest only | Almost always. The balance does not reduce. |
Private Mortgage mortgage rates in British Columbia
Private mortgages in British Columbia generally run well into double digits once fees are counted. The right comparison is not against a bank rate but against the cost of the problem being solved.
What a typical purchase looks like
| Typical price | $1,018,000 |
| Minimum down payment | $76,800 |
| PTT | $18,360 |
Averaged across 6 British Columbia markets we track. Calculate yours →
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Private Mortgage mortgages across British Columbia
Prices and property tax vary widely inside the province, and both feed your qualification.
| Market | Typical price | Minimum down | |
|---|---|---|---|
| Vancouver | $1,099,100 | $84,910 | Affordability → |
| Surrey | $936,004 | $68,600 | Affordability → |
| Burnaby | $1,025,316 | $77,532 | Affordability → |
| Victoria | $1,311,000 | $106,100 | Affordability → |
| Kelowna | $1,072,400 | $82,240 | Affordability → |
| Abbotsford | $665,000 | $41,500 | Affordability → |
Private Mortgage mortgage questions for British Columbia
How much does a private mortgage cost?
Rates well above prime lending, plus lender and broker fees of roughly 1% to 3% each. On a one-year term the effective cost is materially higher than the quoted rate, so ask for the all-in figure.
Is private lending safe?
The lending itself is regulated and the mortgage is a normal registered charge. The risk is entering one without an exit — a private mortgage with no plan to refinance out becomes very expensive very quickly.
How fast can it close?
Days rather than weeks, which is often the entire reason for using one. Speed is what you are paying for.
What does it cost to close in British Columbia?
BC property transfer tax on a $1,018,000 purchase comes to $18,360, due in cash on closing. Full British Columbia closing costs →
Private Mortgage in British Columbia?
Send us the file and a licensed broker comes back with what is realistically available — which lenders will take it, at what rate, and what they will want to see.
