10+ High-End and Reliable B Lenders in Toronto
The good thing about financing your dream home or investment property is that it doesn’t have to be strict and unforgiving. If these A lenders turn you down, B lenders will be there to help you achieve your goals.
So, what do these guys do? B lenders are quasi-regulated lenders who are not directly controlled by the federal government but are subject to rules indirectly due to the nature of their operation. In layman’s terms, they’re the good guys who give second chances.
Although they sound like the best option, keep in mind that they offer higher interest rates than an A lender mortgage. This is because of their not-so-high standards, which allow them to serve consumers with less-than-ideal credit scores and unpredictable income. In Canada, B lender mortgage rates are higher, and the necessary down payment varies from at least 20% to as much as 35% in some circumstances.
Now, buckle up as we shop for the best B lenders in Toronto, CA.
1. First Swiss Mortgage
First Swiss Mortgage offers a diverse range of mortgage solutions to assist individuals in realizing their aspirations of home ownership and financial independence. Apart from that, they also offer purchase assistance, equity takeout, and debt consolidation.
- website: www.firstswissmortgage.ca/
- address: First Swiss Mortgage Corp. 5775 Yonge St, Suite 525 Toronto, ONTARIO M2M 4J1
2. Marathon Mortgage
Marathon Mortgage provides reduced mortgage interest rates, as well as a range of terms and payment options. Explore their website below and hover to the homepage, then select “Rates” for more details.
- website: www.marathonmortgage.ca/
- address: 200 Front Street West, Suite #2503, Toronto, ON M5V 3K2
3. Canadian Mortgages, Inc.
Canadian Mortgages Inc. is a nationwide private lender with a capital pool of over $1 billion. They have the financial resources to meet your borrowers’ mortgage requirements. A credit score is only a number to them. They can lend anywhere, from huge urban metropolises to small remote villages, because they have no geographical lending limits.
- website: canadianlending.ca/
- address: 2425 Matheson Boulevard E., 8th floor Mississauga, ON L4W-5K4
4. Haventree Bank
Haventree Bank is a private Canadian Schedule 1 bank specializing in alternative mortgages and guaranteed GIC deposits. They provide flexible mortgage solutions to fellow Canadians who want to own a house.
- website: www.haventreebank.com/en/
- address: PO Box 1160, STN TD, Toronto, ON M5K 1P2
5. Secure Capital
Security Capital works solely with mortgage brokers and agents to provide outstanding financing options for clients who cannot obtain loans from regular lenders. Secure Capital specializes in residential and small commercial mortgages across most of Canada as a private mortgage lender.
- website: www.haventreebank.com/en/
- address: PO Box 1160, STN TD, Toronto, ON M5K 1P2
6. MCAP
MCAP Financial Corporation was Canada’s first mortgage finance firm and now has over $100 billion in assets. MCAP has a wide range of mortgage options, with maturities ranging from one to 10 years and amortizations ranging from five to up to 30 years.
- website: www.mcap.com/
- address: 200 King St W #400, Toronto, ON M5H 3T4, Canada
7. First National
One of Canada’s largest non-bank mortgage lenders, First National works only with mortgage brokers to provide competitive mortgage options, simpler mortgage management, and personalized care to their clients.
- website: www.firstnational.ca/
- address: 16 York Street, Suite 1900, Toronto, Ontario, M5J 0E6
8. Merix Financial
Through its uninsured non-prime NPX mortgage, MERIX Financial, also known as Paradigm Quest, offers services to those with bad credit, unconventional income sources, or self-employed.
- website: www.merixfinancial.com/
- address: 390 Bay St. Suite 1800, Toronto, ON M5H 2Y2, Canada
9. Radius Financial
Radius Financial is one of Canada’s top mortgage lenders, as well as one of the fastest-growing. The company has already assisted over 200,000 families and provided over $35 billion in funding.
- website: radiusfinancial.ca/
- address: First Canadian Place, 100 King Street West, Suite 5600, Toronto, ON M5X 1C9
10. CMLS
Canadian Mortgage Loan Services Limited (CMLS) is a notable residential mortgage lender as well as one of Canada’s top commercial mortgage lenders.
- website: www.cmls.ca/
- address: 18 York Street Suite 1500 Toronto, ON M5J 2T8
11. Reality Financial Advisors (RFA)
RFA also offers guaranteed investment certificates in addition to mortgages (GICs). RFA GICs are eligible for deposit insurance up to $100,000 through the Canadian Deposit Insurance Corporation (CDIC).
- website: www.rfa.ca/
- address: 1 Yonge Street, Suite 2401 Toronto, ON | M5E 1E5
Also Read: 10+ Best Real Estate Lawyers in Toronto in 2022
