FSRA Lic. #13722info@stonefieldcapital.ca
Ontario residential property

Rush Closing

When The Closing Date Is Days Away & The Bank Can't Deliver

Stonefield moves into action. Same-day commitments and closings in as little as 48 hours.

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Stonefield Capital specializes in time-sensitive private mortgage transactions, issuing same-day commitments and closing in as little as 48 hours. Common rush scenarios include bank-pulled mortgage commitments, late appraisals, unmet conditions, and expiring redemption periods.

When Rush Closing Matters

Deals fall apart at the last minute for reasons that have nothing to do with the borrower's ability to repay. A bank changes its conditions right before closing, an appraisal comes in light or other factors outside of the borrower's control affect the approval.

In every one of these situations, the deal needs a lender who can move in days, not weeks. Stonefield underwrites on equity and exit, which means our process is built for speed without sacrificing diligence. An underwriter reviews the deal, a decision-maker approves it and the file moves towards closing.

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Stonefield Insider Tip: Have Your Lawyer Ready

The fastest way to close a rush deal is to have your lawyer ready before submitting. Stonefield can issue a same-day commitment, but the file still needs to go through the legal process. If you do not have a lawyer you can rely on to act quickly, we are happy to recommend one of our trusted partners. If legal isn't lined up, even a same-day commitment won't close on time.

What We Need to Move Fast

We keep the paperwork minimal so we can focus on speed. Here's everything we need to start:

Fund Request

Net funds needed to close the transaction.

The Story

Summary of the urgency and the situation.

Property Address & Estimated Value

Estimated value of the property (or appraisal if already available)

Existing Debt

Existing mortgage balances on the property.

The Exit Strategy

How the loan will be repaid (refinance, sale, or other defined path).

Client and ILR Information

To move quickly, provide the clients and lawyers contact information (name, e-mail, phone)

We have closed deals within 1 business day in the past, but 2 full business days is a more realistic rush timeline. A retainer is always required for our lawyers to begin working on a file.

Common Rush Closing Scenarios

Speed is not a luxury, it's a necessity when any of these situations arise.

Bank Pulled Mortgage Commitment

The institutional lender backed out days before closing. You need a replacement, fast.

Closing Deadline Approaching

The closing date is imminent and financing was never secured or fell through.

Late (or light) Appraisal

The bank's appraisal process delayed the file beyond the closing date.

Condition Not Met

A bank condition can't be satisfied in time

Deposit Loan

Buyer won a bidding war with a tight closing date and no deposit financing available.

Power of Sale Deadline

Redemption period is expiring and the mortgage must be paid out immediately.

In each case, the equity in the property and a clear exit strategy is what matters.

Frequently Asked Questions

How fast can Stonefield actually close a private mortgage?
Same-day commitment is standard. Funding can happen in as little as 24-48 hours when title is clear and legal counsel is ready. Most rush files close in 2-3 business days, the primary variable isn't our underwriting but how quickly the borrower's lawyer can prepare closing documents. Submit early and have your lawyer lined up (or let us recommend a lawyer for your borrower); that's the fastest possible close.
What qualifies as a rush closing situation?
Any deal where the closing date is days away and financing has fallen through, been delayed, or was never secured. Equity and exit strategy drive the underwriting, not the reason the bank said no.
What documentation is needed for a rush closing?
Minimum submission: property address, estimated or appraised value, existing mortgage balances, net funds needed, target closing date, a short story of the urgency and the exit strategy. Outstanding conditions can be cleared up with the lawyers. Equity and exit strategy drive the decision. A retainer is required for our legal team to begin preparing closing documents, have that ready at submission.
Does a rush closing cost more than a standard private mortgage?
No, there's no speed premium at Stonefield. Rush files price at the same rate as standard private mortgages of the same risk profile. Residential rates start from 7.49% in the GTA for low-risk first positions. If the deal has higher risk factors (lower equity, weaker exit), those affect pricing independently of the timeline, the speed itself is free. Please note, lawyers may charge a rush fee.
Can a rush closing save a deal that a bank declined?
Yes, bank-pulled commitments are one of our most common rush scenarios. When a bank declines or pulls a commitment days before closing, Stonefield steps in with equity-based underwriting and a streamlined process: one underwriter, one decision-maker, same-day commitment, 48-hour funding where legal is ready. We don't re-run the bank's checklist; we assess the deal on our own terms.

Need to Close Fast?

Same-day commitment. Close in as little as 48 hours.

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