Private mortgage lenders in Hamilton: rates, how much you can borrow, and how it works
Rates, how much you can borrow and the Hamilton rules that matter, from a licensed mortgage brokerage.
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 in Hamilton, from Westdale and Durand to the Mountain, Ancaster, Stoney Creek and Dundas. In November 2026, private first mortgages in Hamilton run about 7.49% to 10.49% and private seconds about 9.49% to 12.99%, interest-only, plus a lender fee and our broker fee, shown in dollars before you commit. Most lenders go to 70% of the appraised value on a first mortgage 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 Hamilton home?
Private lenders look at what your home is worth today and what you already owe. In Hamilton most will lend to 70% of the appraised value on a first 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 Hamilton 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 Hamilton 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% |
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 Ontario
What is the Hamilton housing market doing, and why does it matter for your loan?
Cornerstone Association of REALTORS, Hamilton composite MLS HPI benchmark, October 2026. (cornerstone.inc) Lenders lend on the appraised value of your own property, not the area figure.
Cornerstone publishes one composite benchmark for Hamilton. The city has more pre-1960 homes than the Ontario average, and lenders look closely at the wiring, plumbing and roof on older houses. Main local industries: health care, manufacturing and education.
- 27.8% of Hamilton CMA homes were built in 1960 or earlier, compared with 22.6% across Ontario, so older houses with knob-and-tube wiring, old plumbing or deferred maintenance are common. (www150.statcan.gc.ca)
- 56.1% of City of Hamilton households live in single-detached houses and 34.3% rent. (www150.statcan.gc.ca)
- Owners operating rental housing units in Wards 1, 8 and parts of Ward 14 need a City rental housing licence; the 2021 pilot was made a permanent program by Council in December 2025, with possible expansion to other wards. (hamilton.ca)
- Row houses make up 12.4% of Hamilton households. (www150.statcan.gc.ca)
Who do we help in Hamilton?
Hamilton has more old housing than the Ontario average, and many investors buy older houses near the university and downtown to convert into multi-unit or student rentals. Those properties often need renovation money before a bank will lend, and rental licensing in Wards 1, 8 and part of 14 plus the Vacant Unit Tax add costs while units sit empty. Private and B-lender mortgages are commonly used for purchase-and-renovate deals, refinancing after conversions, and owners with tax or payment arrears.
“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“A red notice came by registered mail.”
Pay the arrears and costs inside the window.
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“The house is 70% built and the draws stopped.”
Completion, draw and land financing.
How we handle itCheck my options
Which local rules affect a Hamilton property?
These rules change what a lender will do, or what a sale or rental is worth. We check them on every Hamilton file.
Ontario Land Transfer Tax
Buyers pay Ontario land transfer tax on closing, from 0.5% to 2.5% of the price. First-time buyers can get up to $4,000 back. A refinance does not trigger it. (ontario.ca)
Hamilton Vacant Unit Tax
Hamilton charges 1% of current assessed value on any residential unit vacant for more than 183 days in the previous year, and all owners must file an annual declaration; 2025 vacancies were billed in June 2026. (hamilton.ca)
Non-Resident Speculation Tax
Foreign nationals pay an extra 25% when they buy a home anywhere in Ontario. Permanent residents do not. (ontario.ca)
Hamilton short-term rental licence
Short-term rentals (under 28 consecutive days) are allowed only in a licensed operator's principal residence, which limits each operator to a single licence. (hamilton.ca)
What happens if a Hamilton mortgage goes into default?
In Ontario most lenders use power of sale, which does not need a court order. After 15 days of default the lender can serve a Notice of Sale, and you have at least 35 days to pay what is owed. A private refinance inside that window stops the sale.
Your mortgage is registered electronically in Hamilton-Wentworth Land Registry Office No. 62 (LRO 62). FSRA rules mean you get a written disclosure, with the APR, at least two business days before you sign. 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 Hamilton?
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. Written disclosure two business days before you sign.
Money in 5-12 business days. We write down how you get back to a bank.
Which Hamilton neighbourhoods and nearby towns do we cover?
- Downtown Hamilton
- Westdale
- Kirkendall
- Durand
- Crown Point
- Hamilton Mountain
- Dundas
- Ancaster
- Stoney Creek
- Waterdown
- Binbrook
We also lend in Burlington, Grimsby, Brantford, Caledonia, Cambridge, and anywhere else in Ontario.
Hamilton private mortgage questions
Can I get a private mortgage in Hamilton with bad credit?
Yes. Private lenders in Hamilton 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 70% for a first mortgage.
How fast can a private mortgage fund in Hamilton?
A written commitment usually takes 1-2 business days. The appraisal in Hamilton 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. In Ontario you also get a written disclosure at least two business days before signing.
What does a private second mortgage cost in Hamilton?
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 Hamilton?
No. Hamilton 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 Hamilton. Our licence in Ontario is with FSRA; you can check it on the regulator's site.
Can I get a private mortgage to renovate a Hamilton rental?
Yes. A private lender can lend against the home as it is today, and some will hold back part of the loan until the work is done. If the property is in Wards 1, 8 or part of 14, plan for the City's rental housing licence.
Does Hamilton's Vacant Unit Tax apply while a unit sits empty?
It can. Hamilton charges 1% of assessed value on a unit empty more than 183 days in a year, unless an exemption applies. Check the City's exemptions before a long renovation.
Other cities in Ontario
Sources. www150.statcan.gc.ca · cornerstone.inc · hamilton.ca · ontario.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