For Mortgage Brokers
Private Second Mortgages in Ontario — For Brokers Placing Behind a Bank First
When your client needs cash behind an existing first and the bank says no, a private second can solve it. Here is how Stonefield Capital funds second mortgages for Ontario brokers.
Stonefield Capital is an FSRA-licensed private second mortgage lender (Brokerage #13722) for Ontario brokers. We fund second mortgages on residential and commercial property based on available equity and a clear exit — not credit score or income — so clients with bruised credit or unverifiable income still qualify. Same-day commitments; closings in as little as 48 hours.
When a private second mortgage makes sense
A second mortgage lets your client access home equity without disturbing a low-rate first. Brokers place seconds with Stonefield to consolidate high-interest debt, fund a renovation, cover a tax or business shortfall, bridge a timing gap, or stop a power of sale. Because we sit behind the existing first, we focus on the combined loan-to-value, the property, and how the loan gets repaid — not the client's credit score.
How Stonefield underwrites seconds
We qualify on equity and exit strategy. As long as there is sufficient equity and a viable repayment plan — sale, refinance, or income event — low income and poor credit are not barriers. We rarely require full income documentation and frequently do not condition for an appraisal. You will get a straight answer the same day on whether the file fits.
Indicative second-mortgage pricing
Second-position rates generally range 9.99–10.99% in the GTA, 10.99–11.99% in secondary markets, and 10.99–13.99% in tertiary markets, with lender fees of roughly 2.0–4.0%. Pricing improves with lower loan-to-value, provable income, shorter terms, and a clean exit. Legal fees are typically around $3,000 per transaction. Rates are indicative and subject to underwriting approval.
Submitting a second to Stonefield
Send the property, the existing first balance, the requested second amount, the borrower's situation, and the exit. We issue same-day commitments and can close in as little as 48 hours; standard timelines run three to four business days from signed commitment and legal retainer to funding. You keep the client; we are the lender behind the deal.
Which product fits the deal
| Scenario | Product |
|---|---|
| Consolidate high-interest debt behind a first | Private Second Mortgage |
| Pull equity without touching a low-rate first | Equity Take-Out |
| Homeowner behind on payments / power of sale | Power of Sale Refinance |
| Short-term cash need with a clear exit | Bridge Loan |
Frequently Asked Questions
Who lends second mortgages in Ontario?
Can a client get a second mortgage with bad credit?
How much can a client borrow on a second mortgage?
What are private second mortgage rates in Ontario?
How fast can a second mortgage close?
Have a deal that fits?
Submit it and get a read the same day. You keep the client — Stonefield is the lender behind the deal.