Renovations can add real value to a property, and a private mortgage is one way to fund them quickly. Here is how it works.
Why use a private mortgage for renovations
A private mortgage gives you fast access to funds, which is useful when a renovation is time-sensitive or when traditional financing is slow or unavailable.
First or second mortgage
Depending on your situation, you might use a second mortgage to draw on equity for the work, or a first mortgage as part of a larger refinance.
Plan the project and exit
Have a clear budget and a plan to repay or refinance once the work is done, since private mortgages are typically short-term.
Ready to talk?
If this fits your situation, start your application or contact us and we will help you understand your options across Ontario.
This article is for general information only and is not financial, legal, or investment advice. Please consult a qualified, licensed professional before making any decision.