Private mortgage lenders in Richmond: rates, how much you can borrow, and how it works
Rates, how much you can borrow and the Richmond 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 Richmond, from City Centre and Brighouse condos to houses in Steveston, Terra Nova and Broadmoor, and on ALR land. In November 2026, private first mortgages in Richmond 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 Richmond home?
Private lenders look at what your home is worth today and what you already owe. In Richmond 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 Richmond 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 Richmond 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 Richmond housing market doing, and why does it matter for your loan?
Greater Vancouver REALTORS, Richmond MLS HPI benchmark prices, October 2026. (members.gvrealtors.ca) Lenders lend on the appraised value of your own property, not the area figure.
Six in ten Richmond residents are immigrants, the highest share of any city on this site, and many have income or savings outside Canada that banks won't count. About 39% of Richmond is in the Agricultural Land Reserve, where house size and non-farm use are limited and fewer lenders will lend. Main local industries: the airport, retail, professional services, tourism and logistics.
- 60.3% of residents are immigrants, the highest share of any city on this list (2021 Census). (www12.statcan.gc.ca)
- 43.4% of occupied homes are condominium (strata) units, and 19.7% are row houses, so most purchases involve strata review. (www12.statcan.gc.ca)
- About 4,993 hectares, or 39% of Richmond, is in the Agricultural Land Reserve; ALR properties have limits on house size and non-farm use, which narrows the lender pool. (richmond.ca)
- 26.0% of occupied homes were built in 1980 or earlier; only 3.4% date from 1960 or before. (www12.statcan.gc.ca)
- 71.3% of households own their home, one of the higher ownership rates in Metro Vancouver. (www12.statcan.gc.ca)
Who do we help in Richmond?
Six in ten Richmond residents are immigrants, and many households have income, savings or business interests outside Canada that A-lenders will not count. Self-employment is also common (17.5% of workers). Private and B-lenders can lend on the equity in a Richmond home or condo, bridge a purchase while foreign funds arrive, or refinance an ALR property that banks avoid.
“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“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“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“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 Richmond property?
These rules change what a lender will do, or what a sale or rental is worth. We check them on every Richmond file.
Speculation and Vacancy Tax
Richmond 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 Richmond, 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 Richmond 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 registry is in Vancouver; the Richmond courthouse hears Provincial Court cases only. 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 Richmond?
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 Richmond neighbourhoods and nearby towns do we cover?
- City Centre
- Steveston
- Brighouse
- Terra Nova
- Seafair
- Broadmoor
- Ironwood
- Hamilton
- East Cambie
- Thompson
- Blundell
- Sea Island (Burkeville)
We also lend in Vancouver, Delta, Burnaby, New Westminster, Surrey, and anywhere else in British Columbia.
Richmond private mortgage questions
Can I get a private mortgage in Richmond with bad credit?
Yes. Private lenders in Richmond 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 Richmond?
A written commitment usually takes 1-2 business days. The appraisal in Richmond 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 Richmond?
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 Richmond?
No. Richmond 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 Richmond. Our licence in British Columbia is with BCFSA; you can check it on the regulator's site.
Can I get a mortgage in Richmond if my income is from overseas?
A bank usually counts only Canadian income. Some B-lenders and private lenders lend mainly on equity, so with 25-35% equity in the home, foreign income matters less. Every lender still needs to see where the down payment or equity came from.
Do private lenders lend on ALR land in Richmond?
Some do, at lower limits, often 50-60% of value, because ALR rules limit what can be built and how the land is used. The appraisal must value the home and land as farmland, not as a building lot.
Other cities in British Columbia
Sources. www12.statcan.gc.ca · members.gvrealtors.ca · en.wikipedia.org · richmond.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