Private Mortgages — Winnipeg
Short-term private mortgage financing for when a bank or credit union can’t say yes yet, with a clear plan to move back to a regular lender.
Arranged by Poupe Vongkhamchanh, Mortgage Agent with CENTUM Financial Services LP (AFC), serving Winnipeg and Manitoba homeowners. View full profile on CENTUM →
How private mortgages work.
Equity-based
Private lenders focus mainly on your property’s value and your equity, and less on credit score and income documents.
Short terms
Terms are usually 6 to 24 months, often interest-only, so you have time to fix what’s holding you back.
Higher cost
Rates are higher than bank rates, and lender and broker fees apply. You should see every cost in writing before you sign.
Lower loan-to-value
Most private lenders cap total borrowing at around 75–80% of the property’s value, including any first mortgage.
An exit plan
A good private mortgage comes with a plan to refinance to a bank, credit union or alternative lender, or to sell.
When a private mortgage makes sense
Private financing is a tool, not a destination. It can make sense when you need to close quickly, bridge the gap between buying and selling, stop a power-of-sale or foreclosure, consolidate debts that are dragging your credit down, or finance a property a bank won’t touch yet.
Poupe will always check bank, credit union and alternative lender options first. If private is the right answer, we compare lenders, explain every fee, and build the plan to move you back to a lower-cost mortgage as soon as your situation allows.
Signs a private mortgage might fit
Your credit took a hit recently
Missed payments, collections or a recent consumer proposal.
You need to close fast
Private lenders can often fund in days rather than weeks.
Your income is hard to document
New business, commission or cash income that doesn’t fit bank rules yet.
The property is unusual
Needs major repairs, has mixed use, or is hard for banks to value.
You’re behind on your mortgage or taxes
A short-term refinance can stop things from getting worse while you regroup.
Not sure which one is you?
A quick, no-pressure call clears it up fastest — and it costs you nothing.
Our private mortgage process
Honest review
We check bank, credit union and alternative options first.
Lender comparison
If private fits, we compare lenders on rate, fees, term and conditions.
Full cost disclosure
You see the rate, lender fee, broker fee and legal costs in writing.
Appraisal and legal
Independent appraisal and your own lawyer protect you.
Exit plan
We set a timeline to refinance into a lower-cost mortgage.
Frequently asked questions about private mortgages.
Still wondering about something? A quick, no-pressure call clears it up fastest.
A private mortgage is a loan from a private individual, a mortgage investment corporation or another non-bank lender. It’s secured by your property and approved mainly on your equity rather than your credit score or income documents.
Private mortgage rates are well above bank rates, and most include a lender fee and a broker fee, commonly a few percent of the loan combined, plus legal and appraisal costs. Costs depend on the property, your equity and the risk, so always compare the full cost in writing.
Most private mortgages have terms of 6 to 24 months. They’re meant to be temporary while you improve your credit, document your income, finish renovations or sell a property.
Most private lenders will lend up to around 75–80% of your property’s appraised value, including any existing first mortgage. Lower-value or rural properties may qualify for less.
Yes. Many private mortgages sit behind an existing first mortgage, letting you keep a low first-mortgage rate while accessing equity for a short time.
Let’s find your way back to a regular lender.
Free consultation with a licensed Manitoba mortgage professional — no pressure, no cost.