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2525 blv Daniel-Johnson, Laval, QC, H7T 1S9
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Fax: 514-533-0143
Owners in private financing — Quebec
Carrying a private mortgage? Let's see whether you can get out of it now
Private financing is a stage, not a destination. If your credit, your income or your equity has improved since, it may be time to check whether an alternative or prime lender can take over at a lower cost.
- Your private mortgage is coming due
- Your situation has improved since it was set up
- You want to bring your rate and fees down
- You are aiming to move back to a B or prime lender
Nectarios Petropoulos, mortgage broker (licence 237338), Dominion Lending Centres National. Free, confidential review with no obligation.
Request a free review
Fill out the form and we will call you back to go over your file. No obligation on your side.
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We will contact you shortly to discuss your situation. If your request is urgent, you can also reach us at 514-999-9946.
Who this is for
Does any of this sound like you?
Private financing solves an emergency. After a term or two, the real question becomes whether it is still necessary.
The term is coming up
You do not want to renew in the private space by default without checking what you qualify for today.
Credit has been rebuilt
Payments current, balances down, score recovered: your file looks nothing like it did two years ago.
The cost is heavy
Higher rate, interest-only payments, annual renewal fees: the structure is expensive to carry over time.
The plan got lost
The private loan was meant to last twelve months. Three years later, nobody has reopened the file.
The basics
Why a private mortgage should always have an exit
A private lender lends mainly on the value of the property. That is what allows a fast fix for a situation the banks declined — and it has a price: a higher rate, setup fees, often short terms and interest-only payments that never touch the principal.
The exit has to be prepared: rebuild credit, document income, clear tax debt or arrears, then bring the file forward at the right moment. Here are the routes that can be reviewed.
Options that can be reviewed
Straight back to a prime lender
If your file meets a bank's criteria again, this is the cheapest exit. It usually requires twelve months of clean payment history.
Alternative (B) lender
The most common intermediate step: clearly cheaper than private, more flexible than a bank, and one term to finish consolidating the file.
Refinance with consolidation
Folding remaining debt into the exit can, subject to eligibility, improve your ratios and bring the new financing within reach.
Negotiated private renewal
If the exit is not realistic yet, the terms can still be renegotiated and a precise plan set for the next maturity.
The right moment is not always today. Six more months in private financing sometimes costs less than a poorly prepared exit that falls through. Settling that question is part of the review.
The process
How the review works
A simple three-step process, at no cost and with no obligation.
We build the picture
Current private terms, maturity, equity, credit, income, debts and what has changed since it was set up.
We compare the options
We check what you qualify for today and what each route would really cost, penalties and fees included.
We coordinate the move
If the exit is possible, we arrange the new financing and the payout of the private lender.
What changes
What the review can give you
Every file is different and no outcome can be guaranteed in advance. Here is what the review usually gives you.
- Whether you already qualify for something cheaper, or what is left to do.
- The total cost of staying versus leaving, fees included.
- A way to avoid an automatic renewal that carries forward terms you no longer need.
- A dated plan instead of a loan that quietly renews year after year.
Who you will be talking to
A mortgage broker specializing in non-standard files
Nectarios Petropoulos is a mortgage broker with Dominion Lending Centres National. He arranges private financing when it is warranted, and has spent since 2016 getting clients out of it as soon as their file allows.
A broker works with several lenders: banks, alternative lenders and private lenders. The job is to compare what exists for your situation and explain the consequences of each option, including when doing nothing is the better call.
- Broker
- Nectarios Petropoulos
- Licence number
- 237338
- Brokerage
- Dominion Lending Centres National
- Office
- 2525 Daniel-Johnson Blvd, Laval, Quebec H7T 1S9
- Phone
- 514-999-9946
Frequently asked questions
Private financing: your questions
How do I know if I can get out of my private mortgage?
We look at your current credit, your income, your debts, the equity available and your payment history since the private loan was set up. Those are the five things the next lender will examine.
Should I wait for maturity?
No, it is better to prepare three to six months out. That leaves time to fix what needs fixing and avoids negotiating against a deadline. Leaving mid-term can trigger a penalty, so that gets calculated first.
Can I go straight from private to a bank?
It happens in some files, but an intermediate step with an alternative lender is common. Banks generally want recent, clean payment history and demonstrable income.
How long does requalifying take?
It depends on the starting point. Often twelve to twenty-four months of on-time payments and cleaned-up credit. Some files move faster, others need longer.
Is it worth it if there is little time left in the term?
Often yes, precisely because the window is short. That is when exit costs are lowest and the next renewal can still be avoided.
What if I do not qualify yet?
The review says so plainly and becomes the plan instead: what to fix, in what order, and when to pick the process back up.
Still in private financing? Let's check whether you still need to be
A few minutes is enough to know what you qualify for today and what leaving would cost.
The information on this page is provided for general guidance only and is not an offer of credit, a guarantee of approval, or a promise of savings. Eligibility, rates, fees and penalties vary with your situation, the property and the lender, and are subject to review.