Going back to a bank after a private loan means showing what’s different now: payments on time, rebuilt credit, steady income. When it becomes possible.
A private lender is a bridge, and nobody should settle there. It gives you time when a bank can’t act quickly or a problem needs fixing. It should come with a date to leave.
Plan the exit before the entry
What you pay on a bridge loan matters less than how you get off it. Before signing, know what has to change (rebuilt credit, documented income, a completed sale) and about how long that takes.
Read the risks before you sign
Fees, term, renewal terms, what happens if the plan slips. Know all of it upfront. Renew a bridge loan one time too many and it costs more than what it was meant to solve.
Documents to gather
What the lender will ask for.
Goal of the file
Income and supporting documents
Debts and credit
Property or security
Timeline
Lender options
Frequently asked
What documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Gathered before the offer, they make a five-day financing condition workable. Gathered after, they cost you weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
