Private Mortgages

Who a Private Mortgage Can Help

Across Quinte West, Belleville and the surrounding area, the borrowers who most often benefit from private lending include:

• Self-employed borrowers and business owners whose tax returns don't reflect what they really earn — contractors, trades, farm operators and seasonal businesses.
• Homeowners with bruised credit after a job loss, separation, illness or a stretch of missed payments.
• Borrowers carrying high-interest debt who want to use home equity to consolidate it and get their monthly cash flow back.
• Buyers who need to close quickly, or who are waiting on the sale of another property.
• Anyone in or recently out of a consumer proposal or bankruptcy.
• Properties the banks won't touch — rural homes, properties needing work, or homes on well and septic that fall outside a lender's usual guidelines.

In-House Private Funds: Direct Decisions, Faster Closings

Most brokers who arrange private mortgages are matchmakers — they package your file and wait for a third-party lender to say yes. We do that too, but we also lend our own private funds. When your file fits, the person reviewing your application is the person who decides on it. There's no outside lender's credit committee to wait on, and no surprise conditions days before closing. By keeping as much of our private lending in house as possible, we are able to offer more competitive fee structures.

That matters most when timing is tight: a purchase with a firm closing date, a power-of-sale or arrears deadline, or a deal the bank declined at the last minute. If our own funds aren't the best fit, we'll shop your file to our network of private and alternative lenders. Either way, you'll see the full cost in writing.

We Start With the Exit Strategy

Getting approved is only half the plan. Private mortgages generally come with higher rates and fees, shorter terms (often one to two years) and, in many cases, interest-only payments. That's why we don't start with “who will lend the money?” We start with “how do you get out of this mortgage?”

Before recommending anything, we work out what needs to change before you can qualify with a bank or institutional lender, how long that should realistically take, and whether there is a genuine path back to institutional lending. If there isn't, we'll tell you. A private mortgage should be a bridge to somewhere — not a place to get stuck.

More Than Just an Approval

A lender being willing to fund the loan doesn't make it the right move. We review the whole picture:

• Equity — how much you have, and how much remains after the loan and its costs.
• Affordability — whether the payments work month to month, not just on closing day.
• Total cost — rate, lender and broker fees, legal and appraisal, laid out in writing before you commit.
• Credit — what's holding your score back and what will move it.
• Income documentation — what you can prove today, and what you'll need at renewal.

Local Knowledge Matters

We're local. We understand Quinte West, Belleville, Trenton, Brighton, Prince Edward County and the surrounding townships — how properties here are valued, which homes lenders view as easier or harder to finance, and the real challenges facing borrowers in this market.

That knowledge matters when estimating your equity realistically, choosing a lender comfortable with your property, and building a plan that works both today and for your next step.

Private Mortgage FAQ

What does a private mortgage cost in Trenton and Quinte West?

Private mortgages carry higher rates than bank mortgages, and usually lender, broker, legal and appraisal fees too. Terms are typically one to two years, often with interest-only payments. Every cost is set out in writing before you commit, so you can compare it against your other options.

How quickly can a private mortgage be funded?

Often within days rather than weeks, once the appraisal, documents and lawyers are in place. With our in-house funds, the lending decision is made here, so there's no waiting on an outside lender's approval.

What's the difference between a private mortgage broker and an in-house private lender?

A broker arranges your mortgage through someone else's money. An in-house lender funds it directly. Simpligo does both: we can lend our own private funds, or place your mortgage with another private or alternative lender if that's the better fit. When we lend our own funds, we disclose that to you in writing.

Can I get a private mortgage with bad credit, a consumer proposal or bankruptcy?

Often, yes. Private lenders focus mainly on the equity in your property and on a realistic exit plan, not just your credit score. That makes private lending an option after a job loss, separation, illness, consumer proposal or bankruptcy.

How do I get out of a private mortgage?

We plan the exit before you sign. That usually means rebuilding credit, documenting income or paying down debt so you can refinance with a bank or institutional lender at renewal. Sometimes it means selling the property. If there's no realistic path out, we'll tell you before you take the loan.

An Honest Conversation

If traditional financing doesn't fit your situation right now, let's discuss the available options honestly. Sometimes a private mortgage is the right tool; sometimes a different approach, or waiting a few months, will save you money. Either way, you'll know exactly where you stand.

Call or text Craig at 613-394-5810, or send me a message today.