Private mortgage lenders in Burnaby: rates, how much you can borrow, and how it works
Rates, how much you can borrow and the Burnaby rules that matter, from a licensed broker in Surrey.
Written and reviewed by Asim Ali, Mortgage BrokerUpdated 5 November 2026
Licensed: BCFSA (BC) · RECA (Alberta) · FSRA (Ontario) · check our licences
Yes. We arrange private and B-lender mortgages across Burnaby, from Metrotown, Brentwood and Lougheed towers to houses in the Heights, Capitol Hill and Deer Lake. In November 2026, private first mortgages in Burnaby run about 7.49% to 10.99% and private seconds about 9.49% to 14.99%, interest-only, plus a lender fee and our broker fee, shown in dollars before you commit. Most lenders go to 75% of the appraised value on a first mortgage and 80% combined with a second here. A written commitment usually comes in 1-2 business days and the money in 5-12 business days.
How much can I borrow against my Burnaby home?
Private lenders look at what your home is worth today and what you already owe. In Burnaby most will lend to 75% of the appraised value on a first mortgage and 80% combined when a second sits behind your current mortgage. Move the sliders to see your own numbers.
You could borrow up to
- Combined loan-to-value
- Likely second-mortgage rate
- Interest-only payment
- Equity you keep
Estimate only, as of November 2026. Lenders use the appraised value, not the assessment. Fees come off the advance.
What are private mortgage rates in Burnaby right now?
Rates depend mostly on loan-to-value. The lower your loan against the home, the lower the rate. These are the ranges we see on Burnaby files in November 2026.
| Loan-to-value | Private first mortgage | Private second (combined) |
|---|---|---|
| Up to 55% | 7.49-8.49% | 9.49-10.49% |
| 55-65% | 8.49-9.49% | 10.49-11.99% |
| 65-70% | 9.49-10.49% | 11.99-12.99% |
| 70-75% | 10.49-10.99% | 12.99-13.99% |
| 75-80% | Not offered here | 13.99-14.99% |
Interest-only, 12-month terms. Add a lender fee (usually 1-3%), our broker fee (shown in writing first) and about $1,500-2,500 legal. Full rates, fees and APR · All of British Columbia
What is the Burnaby housing market doing, and why does it matter for your loan?
Greater Vancouver REALTORS, MLS HPI benchmark prices, October 2026. (members.gvrealtors.ca) Lenders lend on the appraised value of your own property, not the area figure.
Burnaby is a condo city: 42% of homes are strata units, almost double the BC share, and nearly a third are in towers. When a presale completes and the appraisal comes in under the contract price, the buyer has to cover the gap. That is where a short private loan can help. Main local industries: professional and technical services, retail, health care, education and construction.
- 42.1% of occupied homes are condominium (strata) units, almost double the B.C. share of 23.6% (2021 Census). (www12.statcan.gc.ca)
- 29.4% of homes are in apartment buildings of five or more storeys, reflecting the tower neighbourhoods around Metrotown, Brentwood and Lougheed. (www12.statcan.gc.ca)
- Only 18.9% of occupied homes are single-detached houses, while 16.5% are counted as an 'apartment or flat in a duplex' (largely houses with a secondary suite). (www12.statcan.gc.ca)
- 35.4% of occupied homes were built in 1980 or earlier, so older strata buildings with upcoming repairs sit alongside new towers. (www12.statcan.gc.ca)
- 50.4% of residents are immigrants (2021 Census), and many buyers have foreign income or recent arrival in Canada. (www12.statcan.gc.ca)
Who do we help in Burnaby?
Burnaby is a condo market: 42.1% of homes are strata units and nearly a third are in towers of five storeys or more. That creates common lending problems, such as presale buyers whose completion appraisal comes in under the contract price, investors with several condos who exceed bank debt ratios, and owners in older strata buildings facing special levies. Half of residents are immigrants, and newcomers with foreign or short Canadian income histories often turn to B-lenders or private lenders first.
“We close in 10 days and our buyer walked.”
Private bridge on one or both homes, 5-10 days.
How we handle itCheck my options“My lender sent a letter. They won't renew.”
What to do in the weeks before maturity.
How we handle itCheck my options“The bank said no, but my credit is OK.”
6-8.5% on bank statements, often cheaper than private.
How we handle itCheck my options“I need $120,000 against the house.”
Borrow to 80% combined without touching your first.
How we handle itCheck my options“Three cards at 21% and a car loan.”
Roll it into one payment, with a plan to clear it.
How we handle itCheck my options
Which local rules affect a Burnaby property?
These rules change what a lender will do, or what a sale or rental is worth. We check them on every Burnaby file.
Speculation and Vacancy Tax
Burnaby is in a taxable region. Every owner must file a declaration each year. A home left empty, or owned by people who earn most of their income outside Canada, can be taxed on its assessed value. (www2.gov.bc.ca)
Short-term rental rules
In Burnaby, short-term rentals are limited to your own home plus one suite or laneway home on the same lot. Lenders will not count rental income that breaks the rule. (www2.gov.bc.ca)
Home Flipping Tax
Since 1 January 2025, selling a home within 730 days of buying it can trigger a tax of up to 20% of the profit. It matters if your plan is a quick sale. (www2.gov.bc.ca)
Property transfer tax
Buyers pay 1% on the first $200,000, 2% up to $2 million and 3% above that, with more on homes over $3 million. A refinance does not trigger it. (www2.gov.bc.ca)
What happens if a Burnaby mortgage goes into default?
In BC a lender that is not paid can ask the BC Supreme Court for a foreclosure order. The nearest BC Supreme Court registries are New Westminster and Vancouver. The court usually gives a redemption period, often six months, to pay out or sell. A private refinance or a planned sale inside that window stops the process.
Your mortgage is registered with the Land Title and Survey Authority (LTSA). If a demand letter or court paper has arrived, read how to stop foreclosure or power of sale and call us the same day.
How does getting a private mortgage work if you live in Burnaby?
Form or call. Same-day callback, 8am-8pm Pacific, seven days.
Lender named, rate, fees and APR in writing, usually in 1-2 business days.
A local appraiser visits. You sign with a lawyer near you. No office visit needed.
Money in 5-12 business days. We write down how you get back to a bank.
Which Burnaby neighbourhoods and nearby towns do we cover?
- Metrotown
- Brentwood
- Lougheed
- Edmonds
- The Heights (Burnaby Heights)
- Capitol Hill
- Deer Lake
- Highgate
- Burnaby Mountain (UniverCity)
- South Slope
- Royal Oak
- Sperling-Duthie
We also lend in Vancouver, New Westminster, Coquitlam, Port Moody, Richmond, North Vancouver, and anywhere else in British Columbia.
Burnaby private mortgage questions
Can I get a private mortgage in Burnaby with bad credit?
Yes. Private lenders in Burnaby look at your equity, the property and your way out more than your score. Scores under 600, a consumer proposal or CRA arrears are common files. What decides the answer is usually loan-to-value: most lenders here stop at 75% for a first mortgage.
How fast can a private mortgage fund in Burnaby?
A written commitment usually takes 1-2 business days. The appraisal in Burnaby takes 2-5 days, then both lawyers need a few days. Plan on 5-12 business days from your first call to money in your account.
What does a private second mortgage cost in Burnaby?
Example: a $100,000 second at about 70% combined loan-to-value, at 11.99% interest-only for 12 months, with a 2% lender fee, a 1.5% broker fee, $1,800 legal and a $450 appraisal. Interest is about $11,990 and fees about $5,750, so the year costs about $17,740, an APR of about 17.7%. Your own numbers come in writing before you commit.
Do I need to visit your office to get a mortgage in Burnaby?
No. Burnaby files are handled from our Surrey office by phone and video. A local appraiser visits the property and you sign with a lawyer in or near Burnaby. Our licence in British Columbia is with BCFSA; you can check it on the regulator's site.
My Burnaby presale appraised low. Can a private lender help me close?
Often, yes. If the bank lends on the lower appraisal, you need to cover the gap. A private second mortgage or a short private first can close the purchase, then you refinance with a bank or B-lender in 12-24 months. Call as soon as the appraisal comes in.
Do private lenders lend on older Burnaby strata buildings?
Yes, after reading the depreciation report, strata minutes and any special levy. A large unfunded repair can lower the limit, so we ask for those documents first.
Other cities in British Columbia
Sources. www12.statcan.gc.ca · members.gvrealtors.ca · www2.gov.bc.ca · vancouver.ca
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.
- Your full cost, in dollars, before you commit
- The lender named on your commitment letter
- A written plan to exit within 12-24 months
Asim Ali, Mortgage BrokerSurrey office · BC, Alberta and Ontario
Tell us three things. A licensed broker calls you today.
No credit check. No ID. No date of birth. We ask what a lender decides on: the property, the equity and the deadline.
- 1Same-day call from Asim Ali or a licensed colleague
- 2A range for rate, fees and APR on the call
- 3Written commitment in 1-2 business days if you go ahead
- 4Nothing to pay until the mortgage funds
Asim Ali, Mortgage Broker
Licensed in BC, Alberta and Ontario · (604) 591-3590