If your tax returns don’t support the loan, a self-employed borrower can go private. What it costs, and how to get back to a bank once the income is declared.
A private or alternative lender is a bridge, not a place to stay. It buys you time when a bank can’t move fast enough or something has to be fixed, and it should come with a date to leave.
The way out matters most
The rate on a short-term loan matters less than how you leave it. Before you sign, find out what has to change (credit rebuilt, income documented, a sale done) and about how long it will take.
Only sign if you can see the risk
Fees, term, renewal terms, and what happens when the plan slips: they all have to be clear before you commit. A bridge loan that gets renewed too many times costs more than the problem it solved.
Documents to gather
What the lender will ask for.
What you want from the file
Income and documents
Debts and credit
Property or security
Timeline
Lender options
Frequently asked
Which 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. Add two years of financial statements and your business records. Have them together before you make an offer and a short financing window is realistic.
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.
