Private mortgage lenders in Nanaimo: rates, how much you can borrow, and how it works
Rates, how much you can borrow and what lenders look for on the central Island, 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 Nanaimo and the central Island, including Lantzville, Ladysmith, Parksville and Qualicum Beach. In November 2026, private first mortgages in Nanaimo run about 7.49% to 9.49% and private seconds about 9.49% to 11.99%, interest-only, plus a lender fee and our broker fee, shown in dollars before you commit. Most lenders go to 65% 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 Nanaimo home?
Private lenders look at what your home is worth today and what you already owe. In Nanaimo most will lend to 65% 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 Nanaimo 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 Nanaimo 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% |
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 Nanaimo housing market doing, and why does it matter for your loan?
Vancouver Island Real Estate Board, MLS HPI benchmark prices, October 2026. (vireb.com) Lenders lend on the appraised value of your own property, not the area figure.
Nanaimo is mostly detached houses, many with a suite, and about 39% of homes were built before 1981. One worker in six is self-employed. Private lenders set lower limits here than in Metro Vancouver, usually up to 65% of value. Main local industries: health care, retail, construction and education.
- 51.5% of occupied homes are single-detached houses and only 16.2% are condominium (strata) units (2021 Census). (www12.statcan.gc.ca)
- 1,085 occupied homes (2.5%) are movable dwellings such as manufactured homes, a type many banks will not finance, especially on rented pads. (www12.statcan.gc.ca)
- 14.0% of homes are counted as an 'apartment or flat in a duplex', the census category that largely captures houses with a secondary suite. (www12.statcan.gc.ca)
- 39.1% of homes were built in 1980 or before. (www12.statcan.gc.ca)
- 16.3% of workers are self-employed (2021 Census). (www12.statcan.gc.ca)
Who do we help in Nanaimo?
Many Nanaimo borrowers have solid equity but income that does not fit bank formulas, such as trades, contract, retirement or self-employment income (16.3% of workers are self-employed). Manufactured homes, houses with suites and rural properties nearby are common. Private and B-lenders can help with equity take-outs, buying before selling a mainland home, or financing a manufactured home or older property that a bank turns down.
“House-rich, cash-poor at 68.”
Reverse mortgage, HELOC, private or downsizing.
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“Will the proposal stop my renewal?”
Both numbers: pay it out, or keep paying.
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
Which local rules affect a Nanaimo property?
These rules change what a lender will do, or what a sale or rental is worth. We check them on every Nanaimo file.
Speculation and Vacancy Tax
Nanaimo 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 Nanaimo, 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 Nanaimo mortgage goes into default?
In BC a lender that is not paid can ask the BC Supreme Court for a foreclosure order. Nanaimo 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 Nanaimo?
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 Nanaimo neighbourhoods and nearby towns do we cover?
- Departure Bay
- Hammond Bay
- North Nanaimo
- Harewood
- Chase River
- Old City Quarter
- Brechin Hill
- Uplands
- Linley Valley
- Diver Lake
- Townsite
- Wellington
We also lend in Lantzville, Ladysmith, Parksville, Qualicum Beach, Gabriola Island, Duncan, and anywhere else in British Columbia.
Nanaimo private mortgage questions
Can I get a private mortgage in Nanaimo with bad credit?
Yes. Private lenders in Nanaimo 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 65% for a first mortgage.
How fast can a private mortgage fund in Nanaimo?
A written commitment usually takes 1-2 business days. The appraisal in Nanaimo 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 Nanaimo?
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 Nanaimo?
No. Nanaimo 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 Nanaimo. Our licence in British Columbia is with BCFSA; you can check it on the regulator's site.
Why is the limit lower in Nanaimo than in Vancouver?
Lenders lend more where homes sell faster. Most private lenders stop at 65% of value on Vancouver Island outside Victoria, compared with 75% in Metro Vancouver. With a solid detached house, that is still enough for most refinances.
Can I get a private mortgage on a manufactured home near Nanaimo?
Only if it sits on land you own and is registered with the land. Homes on rented pads are very hard to finance, private or not.
Other cities in British Columbia
Sources. www12.statcan.gc.ca · vireb.com · nanaimo.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