How Fast Can You Get a Private Mortgage in Ontario?

The Growing Demand for Fast Mortgage Solutions

Ontario’s real estate market continues to move at lightning speed, with competitive bidding, tight closing deadlines, and rising property prices driving demand for quick financing solutions. But traditional banks often take weeks—sometimes over a month—to approve and fund a mortgage.

Enter private lending: a faster, more flexible alternative that’s growing in popularity across Ontario.

So, how long does it take to get a private mortgage in Ontario?

Depending on your situation, you can secure a private mortgage in as little as 24 to 72 hours—with most approvals and funding completed within 3 to 7 business days. The key is preparation, the right broker, and understanding how the private mortgage process works.

Whether you need to stop a power of sale, fund a real estate deal quickly, or consolidate debt urgently, this guide will show you how to accelerate your approval and what steps to take for a smooth funding experience.

Why Borrowers Turn to Private Mortgages for Speed

Traditional mortgage applications through banks or credit unions are lengthy because they:

Rely heavily on credit score analysis
Require extensive income verification
Are bound by strict federal mortgage regulations
Involve multiple layers of approval, including underwriters and risk departments

Private lenders, on the other hand:

Focus on the equity in your property, not your credit
Have streamlined approval processes
Work with brokers who specialize in fast mortgage approvals
Offer customized lending terms that match your timeline

Common Scenarios That Require Speed:

Foreclosure or power of sale prevention
Bridge financing between two properties
Missed mortgage renewal or bank rejection
Debt consolidation to avoid rising interest
Down payment delays from traditional sources
Tax arrears or emergency cash needs

Private Mortgage Timeline vs. Traditional Mortgage Timeline

Mortgage Type	Typical Approval Time	Ideal For
Bank Mortgage	2–6 weeks	Borrowers with excellent credit, steady income, and long lead times
Private Mortgage	3–7 business days	Borrowers needing fast approvals or alternative lending criteria
Emergency Private Loan	24–72 hours	Urgent situations: foreclosure, bridge financing, short closing periods

Step-by-Step: The Private Mortgage Process in Ontario

Let’s break down what happens when you apply for a private mortgage and how long each step takes.

🕐 Day 1: Application & Pre-Qualification (Same Day)

Speak with a private mortgage broker or lender.
Share details like property value, mortgage amount, and loan purpose.
Submit basic documents (ID, tax bill, existing mortgage statement).
Receive pre-qualification often within hours.

🕐 Day 2: Appraisal Ordered & Document Collection

The lender orders an independent appraisal to confirm market value.
You provide supporting documents (proof of income, property info, legal details).
Title search and due diligence initiated.

🕐 Day 3–4: Review, Term Sheet, and Commitment Issued

Lender completes underwriting.
Issues a term sheet or commitment letter outlining:
- Loan amount
- Interest rate
- Fees
- Prepayment options
- Loan term (typically 6–24 months)

🕐 Day 5–6: Legal Signing & Funding

You review loan documents with your real estate lawyer.
Sign mortgage paperwork and provide final confirmations.
Lender wires funds to your lawyer’s trust account.
Mortgage gets registered on title, and funds are released.

⏱️ Total Time: 3–7 Business Days

(Same-day or 24-hour closings are possible in emergency cases with expedited legal and appraisal services.)

Emergency Private Mortgage Options: Fastest Closings

Some situations can’t wait. Emergency private lenders in Ontario offer rush options that allow for funding in 24 to 72 hours, provided you have:

Clear title
Strong home equity
Basic documentation ready
An available lawyer to act quickly

Emergency Funding Is Common For:

Stopping power of sale
Paying off CRA or municipal tax arrears
Bridge loans between sales and purchases
Preventing missed closing deadlines

Required Documents to Speed Up Your Approval

Even though private lenders are more flexible, you still need to be organized. Here’s what you should have ready:

Must-Have Documents:

Government-issued ID
Property tax bill
Mortgage statement if refinancing
Current property insurance
Proof of income or ability to pay (bank statements, rental agreements, or NOAs)
Consent to order a property appraisal
Title details or a recent parcel register
Credit report (optional, but speeds things up)

📦 Pro Tip: If you gather these before your initial consultation, you can cut days off your approval time.

Factors That Impact How Fast You’ll Get Funded

⏱️ What Speeds Things Up:

Using a broker who specializes in private lending
Having your lawyer lined up early
Choosing a lender who uses preferred appraisers
Providing full documentation within 24 hours
Being transparent about your financial situation

🛑 What Slows You Down:

Disputes on property title or liens
Delayed appraisals or busy markets
Incomplete documents
Lawyers unfamiliar with private lending transactions
High loan-to-value requests (over 75%)

How Ontario Private Lenders Can Close in 24–48 Hours

Some private lenders offer rush funding services, typically for an extra fee. These “urgent” closings often involve:

Same-day appraisals
Lawyers working after hours or on weekends
Direct underwriting without third-party delays
A smaller network of pre-vetted service providers

💬 Ask your broker: “Do you work with any lenders that offer 24-hour funding?”

What You Can Do Today to Prepare for Fast Private Financing

Get a Recent Home Appraisal or CMA
- Know your property’s market value upfront.
Gather All Relevant Documents Digitally
- Scanned and ready for submission = fewer delays.
Speak to a Mortgage Broker
- They can pre-match you with lenders who meet your speed and term needs.
Line Up a Real Estate Lawyer
- Ensure your legal professional can handle quick transactions.

Conclusion: Fast Private Mortgage Approval Is Possible in Ontario

So, how long does it take to get a private mortgage in Ontario? For most borrowers, approval and funding happens within 3–7 business days, and in emergency cases, it’s possible to get funded in under 72 hours.

If you’re facing time-sensitive financial needs—whether to avoid foreclosure, seize an investment opportunity, or complete a quick real estate deal—private lenders offer the speed and flexibility that banks can’t match.

But speed doesn’t mean you should sacrifice diligence. With the right preparation, reliable broker, and organized documentation, you can access quick mortgage approval without compromising your financial future.

✅ Need Fast Approval? Let’s Get Started.

Work with a private mortgage team that specializes in urgent financing, fast closings, and real results.
👉 Talk to the experts at Equity Mainly Matters for same-day mortgage consultations and funding in as little as 24 hours.

Whether you need emergency home loans, bridge financing, or equity access, they’re your trusted resource for private lending in Ontario.