Your broker sends the file
Application, an appraisal of your property, and your credit report. No income documents are required.
Home / Borrowers
A private mortgage for borrowers:
a bridge, not a destination.
A private mortgage for borrowers is a bridge. Lendmax lends through licensed mortgage brokers and agents: if your bank has said no, your broker brings us the file — and the job of the term we write is to get you back to a lender that costs you less. How to get out of a private mortgage is planned on the day you get into one.
Published by Lendmax Capital MIC|Updated About our team
Step 01
Step 02
We price the equity
The decision is driven by the property's appraised value and the plan for repayment — not by your ratios.
Step 03
You get one clear price
Rate, lender fee, legal costs and any holdback are set out in the commitment your broker reviews with you before you sign.
Step 04
You work the exit
Short terms — 3 to 12 months — used to clear arrears, consolidate, or season a file so a cheaper lender will take it.
Be clear-eyed about the cost
Private mortgage money costs more than bank money. It exists to solve a timing problem — arrears, a closing that has to happen, a debt load that has to be consolidated before it does more damage to your credit.
- Interest is higher than a bank term, and there is a lender fee
- Legal fees and disbursements apply
- Some terms hold back prepaid interest or property taxes
- Your broker must disclose every cost in writing before you commit
What makes the exit work
- Keeping every payment on the new mortgage on time — this is what rebuilds the file
- Not adding new consumer debt during the term
- Starting the refinance conversation with your broker at month three, not month eleven
- Telling your broker early if something changes
Renewal is offered on prevailing terms where it makes sense. If we are not renewing, you get 90 days' notice before maturity.
Borrower FAQ
Can I apply directly?
No — Lendmax funds files submitted by licensed mortgage brokers and agents. If you do not have a broker, your realtor, lawyer or current lender can refer one, and your broker deals with our underwriting desk on your behalf.
Do I need to prove my income?
No. Income documents are not required and there is no maximum GDS or TDS. The equity in the property and a workable repayment plan carry the file.
Will bad credit stop the deal?
Credit shapes which program the file lands in and what it costs. On its own it is not a decline — files with collections, arrears or no established score are underwritten every week.
How quickly can it close?
Second mortgages fund in up to two business days once instructed, firsts in up to five. The quick-close series is built to fund in 48 hours.
What happens at maturity?
You either refinance out to a lower-cost lender, sell, or renew with us on the terms available at the time. Your broker should be working that plan from the start of the term.
How do I manage my mortgage after funding?
Payments are collected by pre-authorized debit under the schedule in your commitment. Statements, payment history, renewal timing and payout requests are handled by our administration desk, and your online account shows the current balance and payment record.
Already a Lendmax borrower?
Private mortgage renewal, payout and statement requests are handled by the administration desk.
Payments, statements, renewal timing and payout requests go to the administration desk.
Sources and further reading
- FCAC — Borrowing against your home equity — Second mortgages, refinancing and the cost of borrowing against equity.
- FSRA — licensed mortgage brokerages, administrators, agents and brokers — Check any lender, brokerage or administrator licence before you deal.