Private mortgage lenders in Kelowna: rates, how much you can borrow, and how it works
Rates, how much you can borrow and the Kelowna rules that matter, from a licensed BC mortgage broker.
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 Kelowna and the Central Okanagan, from the Mission and Glenmore to Rutland, West Kelowna and Lake Country. In November 2026, private first mortgages in Kelowna 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 Kelowna home?
Private lenders look at what your home is worth today and what you already owe. In Kelowna 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 Kelowna 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 Kelowna 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 British Columbia
What is the Kelowna housing market doing, and why does it matter for your loan?
Association of Interior REALTORS, Central Okanagan MLS HPI benchmark prices, October 2026. (interiorrealtors.ca) Lenders lend on the appraised value of your own property, not the area figure.
Kelowna has the highest self-employment rate of any city on this site, almost one worker in five. Seasonal and business income that banks average down is a common reason people here look beyond the bank. Across the lake, most homes on Westbank First Nation land are leasehold. Main local industries: health care, retail, construction, professional services and tourism.
- 18.7% of Kelowna workers are self-employed, the highest rate among the cities on this list (19.2% across the Kelowna CMA) (2021 Census). (www12.statcan.gc.ca)
- 28.6% of occupied homes are condominium (strata) units and 28.6% are in apartment buildings under five storeys. (www12.statcan.gc.ca)
- 4.5% of homes across the Kelowna CMA (4,235 dwellings) are movable dwellings such as manufactured homes, many in parks on rented pads. (www12.statcan.gc.ca)
- Across the lake on Westbank First Nation lands, about 10,000 non-members live in some 4,496 homes, the vast majority held through leasehold agreements rather than freehold title; leasehold is financed by fewer lenders. (wfn.ca)
- Kelowna opted out of the provincial short-term rental principal residence rule from June 1, 2026, but the City still controls where whole-unit rentals are allowed through zoning and business licences. (news.gov.bc.ca)
Who do we help in Kelowna?
Kelowna has the highest self-employment rate in this group, and its tourism and construction economy means many borrowers have seasonal, commission or business income that banks average down. Retirees, recreational and investment buyers, and owners of manufactured homes or Westbank First Nation leasehold properties also often fall outside bank rules. Private and B-lenders can lend on equity, bridge a purchase, or finance property types and income patterns that A-lenders decline.
“Nine years on time, and they won't renew me.”
B-lender on bank statements, or a 12-month private first.
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“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“House-rich, cash-poor at 68.”
Reverse mortgage, HELOC, private or downsizing.
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
Which local rules affect a Kelowna property?
These rules change what a lender will do, or what a sale or rental is worth. We check them on every Kelowna file.
Speculation and Vacancy Tax
Kelowna 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
Kelowna opted out of the provincial principal-residence rule from 1 June 2026. The City still decides where whole-home short-term rentals are allowed. (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 Kelowna mortgage goes into default?
In BC a lender that is not paid can ask the BC Supreme Court for a foreclosure order. Kelowna Law Courts has a BC Supreme Court registry. 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 Kelowna?
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 Kelowna neighbourhoods and nearby towns do we cover?
- Downtown
- Lower Mission
- Upper Mission
- Kettle Valley
- Glenmore
- Rutland
- Black Mountain
- Dilworth
- South Pandosy
- Kirschner Mountain
- Wilden
- University South
We also lend in West Kelowna, Lake Country, Peachland, Vernon, Summerland, Penticton, and anywhere else in British Columbia.
Kelowna private mortgage questions
Can I get a private mortgage in Kelowna with bad credit?
Yes. Private lenders in Kelowna 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 Kelowna?
A written commitment usually takes 1-2 business days. The appraisal in Kelowna 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 Kelowna?
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 Kelowna?
No. Kelowna 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 Kelowna. Our licence in British Columbia is with BCFSA; you can check it on the regulator's site.
Do lenders lend on Westbank First Nation leasehold homes?
Some do, but fewer private lenders than on freehold, and the years left on the lease matter. Tell us the address first and we will check which lenders accept it.
Can I get a mortgage on a Kelowna short-term rental?
Kelowna opted out of BC's principal-residence rule for short-term rentals from June 1, 2026, but the City still decides where whole-unit rentals are allowed. Lenders will ask whether the use is legal at that address, and most count little or none of the nightly income.
Other cities in British Columbia
Sources. www12.statcan.gc.ca · interiorrealtors.ca · wfn.ca · news.gov.bc.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