Most private mortgages fund in 5 to 12 days. You can have a written commitment in 1-2 business days. The appraisal takes 2-7 days. Two lawyers need 3-5 days, and the law gives you at least two business days with your cost disclosure before you sign. Funding in 48 hours is possible only when an appraisal already exists and your lawyer is ready.

The five steps, and who does each one

Day 0

You call or fill in the form

We ask the value, what you owe, the amount, the deadline and the exit. You get a range for rate and fees the same day.

Day 1-2

Written commitment

The lender sends a commitment letter. It shows the rate, term, every fee, the conditions and the lender's legal name. Our fee sheet comes with it.

Day 2-7

Appraisal

An appraiser visits the home. City appraisals take 2-4 days. Rural and acreage can take a week. Cost: $400-800, paid to the appraiser.

Day 5-10

Lawyers and disclosure

The lender's lawyer prepares documents. Your own lawyer explains them. You get the cost disclosure, with the APR, at least two business days before you sign.

Day 7-12

Funding

Money moves lawyer to lawyer. Arrears, CRA, a proposal or the seller are paid straight from the closing statement.

What "approved in 24 hours" really means

It usually means a lender said "yes, in principle" within a day. That is the commitment. It is not money in your account. You still need the appraisal, the lawyers and the disclosure period. The Canadian Anti-Fraud Centre lists "instant approval" as a common sign of loan scams. Be careful with anyone who promises money in 24 hours without mentioning those steps.

How long each step takes, by province

Step	BC	Alberta	Ontario
Commitment	1-2 business days	1-2 business days (Calvert funds city files in 1-2 days)	1-2 business days
Appraisal, city	2-4 days	2-3 days	2-4 days
Appraisal, rural	5-7 days	About a week	5-7 days
Disclosure before signing	2 business days (BPCPA, MSA forms)	2 days, can be waived in writing	2 business days (FSRA borrower disclosure)
Typical total	7-12 days	5-10 days	7-12 days

Typical times for files we place, November 2026. Busy months, strata documents or title issues add time.

What slows a private mortgage down

A low appraisal. If the value comes in low, the loan shrinks. On tight files we line up a second lender in advance.
Missing papers. Your mortgage statement, property tax bill and ID are needed early.
Strata documents. In BC, the Form B and strata minutes can take days to arrive.
Title problems. Liens, judgments or old mortgages on title must be cleared or paid at closing.
A slow lawyer. Pick a lawyer who can see you this week, not in three weeks.

How to get funded faster

Send three things on day one

Your latest mortgage statement, a property tax bill and photos of the home. That is enough for a first answer.

Book the appraiser right away

We order it the day you say yes to the commitment. A rush appraisal in Vancouver, Calgary or Toronto can take 48 hours.

Line up your lawyer early

Ask a real estate lawyer for an appointment as soon as you get the commitment.

Tell us the real deadline

A maturity date, a notice period or a closing date. We plan backwards from it.

When 48-hour funding is possible

We have funded in 48 hours. It needs three things at once: an appraisal that already exists (or a lender that accepts a recent one), your lawyer ready to sign, and a lender that has approved the exit. We tell you on day one if your file can move that fast. We never promise it in an ad.

Timeline questions

How long does it take to get approved for a private mortgage?

A written commitment usually takes 1-2 business days. That is the approval. Funding takes longer because of the appraisal and the lawyers.

Can a private mortgage close in a week?

Often, yes, in the cities. Plan for 7-12 days and be pleasantly surprised. Alberta files are often the fastest.

Is a private mortgage faster than a B-lender?

Yes. A B-lender usually takes 2-3 weeks because it checks income and credit. A private lender looks mainly at equity, so it can move in days.

Can I skip the two-day disclosure period?

In Alberta you can waive it in writing, and in Ontario a lender can agree to one business day. We only suggest it when a real deadline needs it.

Sources. BC Business Practices and Consumer Protection Act and Mortgage Services Rules (disclosure timing) · FSRA, O. Reg. 188/08 s.35 · Alberta Cost of Credit Disclosure Regulation · Canadian Anti-Fraud Centre, loan scam bulletin · Calvert Home Mortgage, funding times, checked 5 November 2026.

Real people, not a call centre

Talk it through with a licensed broker before you decide

Tell us what is going on in a few lines. We call you back the same day with what lenders will say, what it costs in dollars, and how you get back to a bank. If private is the wrong tool, we say so.