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Ontario residential property

First Mortgages

Private First Mortgages in Ontario with No Appraisals Required

Stonefield Capital funds your private first mortgages when the bank says no because of credit, income, property type, or timeline.

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Stonefield Capital provides private first mortgages in Ontario, underwritten based on property equity and exit strategy rather than credit score or income documentation. We rarely condition for appraisals, issue same-day commitments and offer transparent pricing with no hidden setup fees.

When a Private First Mortgage Makes Sense

Not every deal fits the bank's box. When a borrower has strong equity, a bank can still decline the file due to credit history, income documentation, property type, or an aggressive closing timeline. A private first mortgage from Stonefield Capital solves these common problems.

We underwrite on the asset, not the borrower's paperwork. This means deals that banks decline or stall can close in days instead of weeks. No appraisal conditions, no committee approvals and transparent pricing with no hidden setup or exit fees.

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Stonefield Insider Tip: No Hidden Setup Fees

Some private lenders advertise competitive rates but bury setup charges, walkthrough fees, discharge fees and more administrative costs. Stonefield's pricing is transparent - what we quote is what the borrower pays. No hidden lender fees, no surprise deductions at closing. Ask other lenders to itemize their total cost of borrowing before comparing.

Common Scenarios for Private First Mortgages

Private first mortgages serve borrowers and situations that fall outside the bank's rigid criteria.

Self-Employed

Banks qualify based on what is reported to the CRA. At Stonefield, traditional income verification is not required.

Bruised Credit

Credit events like proposals, bankruptcy, or late payments. The equity is there but the score isn't.

Rush Timeline

Closing date is days away and the bank can't deliver. We issue same-day commitments.

Non-Standard Property

Rural, mixed-use, poor condition or unique properties that don't fit the bank's criteria.

New to Canada

No Canadian credit history or income documentation. Property equity drives our lending decisions.

Bank Declined

The bank said no. We step in and close the deal using equity and common sense.

In every case, sufficient property equity and a clear exit strategy are the requirements, not the bank's checklist.

How We Underwrite First Mortgages

Property Value

We assess the current market value using internal comparable sales data. No appraisals required which means cheaper and faster closings.

Equity Position

We fund up to 70% LTV in major urban centres (Toronto, GTA, Vaughan, Richmond Hill) and up to 65% in secondary markets. As property liquidity reduces, our maximum LTV adjusts accordingly.

Exit Strategy

Private mortgages are meant to be short term solutions. The exit strategy determines how the borrower will transition out of the private mortgage. Examples include refinancing, sale of a property, principal payout or another discussed path.

Frequently Asked Questions

What is the typical rate range for a private first mortgage?
Private first mortgage rates at Stonefield start from 7.49% for low-risk deals in the GTA and typically run up to 10.99% in tertiary markets. Bridge deals under 50% LTV can price even lower (from 6.99%). Every fee is itemized in the commitment letter, no hidden setup or admin charges. Submit a deal for a same-day rate quote.
What are the typical term lengths for private first mortgages?
Typical terms run 1 to 12 months with renewal options where the exit plan warrants it. Private first mortgages are designed as short-term bridges where the borrower's exit should be defined upfront. Whether that's a refinance, a property sale, or payout from another source. Fully open (or partially open) structures are common at Stonefield, so an early payout option can be built into the loan.
Are there prepayment penalties on a Stonefield first mortgage?
Most Stonefield first mortgages are structured as open or partially open, meaning the borrower can pay out early without major penalties. Specific prepayment conditions are itemized in the commitment letter before closing. We would rather you exit to a bank six months early than be trapped in a private mortgage longer than needed.
When does a private first mortgage make more sense than a bank mortgage?
A private first mortgage is the right fit when timing, credit, income documentation, or property type prevents a bank from closing. Common scenarios: bruised credit, rush closings (48-hour funding), self-employed borrowers without 2 years of tax returns, new-to-Canada borrowers with no Canadian credit history, non-standard properties (rural, mixed-use, acreage), and files where the bank declined or pulled a commitment near the closing date.
Does Stonefield require an appraisal for first mortgages?
In almost all cases, no. We use our own comparable sales analysis to assess property value, saving the borrower the $500–$1000 appraisal fee and days off the closing timeline. On deals where a formal appraisal is required, we flag it in the initial response, never at the last minute.

Ready to Submit a First Mortgage?

Same-day commitment. No appraisal conditions. Transparent pricing.

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