Amherst
Private mortgage lenders in Nova Scotia
The one part of residential mortgage work where you can be charged a fee. Who these lenders are, what a private mortgage costs, and how it is meant to end — plus the alternative tier that most declined files belong in instead.
What is a private mortgage, and when would I need one?
A mortgage funded by an individual, a mortgage investment corporation or a syndicate rather than a bank, priced on the property and equity rather than your income. It suits a file that cannot wait for or pass standard underwriting: a recent credit event, unfiled returns, or a closing date too near. It should be temporary, with a written exit.
The three tiers, and where your file sits
Most files a bank declines belong at a B-lender, not a private lender. Private lenders are sometimes called high-risk mortgage lenders, and the cost reflects the risk they take on. Going straight to private is usually unnecessary and always more expensive; a broker who skips the alternative market is not doing the job. What to do when the bank says no →
| A-lender | B-lender / alternative | Private | |
|---|---|---|---|
| Stress test | the greater of the contract rate plus 2% and 5.25% at federally regulated lenders | Applied, often at the contract rate plus a margin | Not applied |
| Credit score | Generally 600+ for insured lending | Lower accepted, priced accordingly | Largely irrelevant |
| Borrower fee | None on standard residential | Usually a lender fee | Lender fee and normally a broker fee |
| Typical term | 1–5 years | 1–3 years | 1–2 years, often interest-only |
A-lender, B-lender, private: where a file sits, and how it gets back
Any borrower fee in writing before services; $0 on a standard A-lender residential mortgage
A-lenderBanks, credit unions, monolines
- Minimum credit profile
- Generally 600+ for insured lending
- How income is read
- Verified in full: pay stubs, returns, notices of assessment
- Stress test
- Applied, at the stress-test rate
- Typical term
- The longest; a standard mortgage term
- The exit
- None needed; this is the destination
B-lenderRegulated alternative lenders
- Minimum credit profile
- Lower accepted, priced accordingly
- How income is read
- Read with flexibility; bruised credit and non-standard income accepted
- Stress test
- Applied, often at the contract rate plus a margin
- Typical term
- Shorter, then back to an A-lender
- The exit
- A staging post: requalify at an A-lender once the file has healed
PrivateIndividuals, MICs, syndicates
- Minimum credit profile
- Largely irrelevant; the property and the equity are priced instead
- How income is read
- Barely; the lender looks at the property, the equity and the exit
- Stress test
- Not applied
- Typical term
- The shortest, often interest-only
- The exit
- The plan itself: credit repair, a filed return, a sale or a finished renovation, written down before funding
Private is a bridge, not a home: the route back to an A-lender is written down before the file is placed.
No rates or fee percentages are published here: they move constantly and depend on the file. Fee timing: Standards of Conduct for Mortgage Brokerages Regulations, section 22. Last verified September 20, 2026.
Go deeper
The detail, if you want it
What it costs, and what Nova Scotia law entitles you to
Expect every element of the cost in writing before you commit:
- The interest rate, materially above A-lender pricing, and higher again in second position.
- The lender fee, normally a percentage of the advance, deducted from the funds.
- The broker fee on private lending, disclosed in writing before any work begins.
- Legal fees for both sides; you typically pay the lender’s as well as your own.
- An appraisal (sometimes two on a rural property) and renewal or discharge fees at the end of the term.
Ask for the total cost of borrowing as a dollar figure over the full term, not just a rate.
What Nova Scotia law entitles you to
Under the Standards of Conduct for Mortgage Brokerages Regulations, fees must be disclosed to you in writing before services are provided. Section 22 of the Standards of Conduct for Mortgage Brokerages Regulations: a brokerage must not charge or collect a fee from a borrower until the lender has confirmed funding in writing, the borrower has accepted the commitment in writing, and the borrower has a copy of the signed commitment
So: no fee before a written commitment exists. If anyone asks for money before you hold one, stop and check their licence on the register of brokerages and the register of brokers and associate brokers. The full disclosure explainer →
The exit is the plan
A private mortgage without an exit is just an expensive mortgage. Before the file is placed, the route back is written down and roughly dated:
- Credit repair. A collection, judgment or consumer proposal ages, balances come down, and the file becomes B-lender eligible, often within 12 to 18 months.
- A filed tax return. A self-employed borrower whose best year is not yet filed becomes an A- or B-lender file as soon as it is. How self-employed income is read →
- A sale. This property is going to market, or another is selling and will clear the debt.
- A completed renovation. The as-improved value supports a conventional refinance the current condition does not.
- Arrears cleared. Tax or mortgage arrears are paid, reopening the A-lender door.
If none applies, the honest conversation is a sale on your own terms, or a licensed insolvency trustee.
Nova Scotia properties, and where this becomes commercial
Private lending is a bet on selling the property, and Nova Scotia housing stock complicates that bet. Expect a lower loan-to-value, or a decline, on seasonal properties, mini-homes on leased pads, large rural parcels where only the house and limited acreage can be valued, homes in former mining areas, and unresolved oil tank, well or septic issues. Regional prices →
Five or more units, land, or a project rather than a home is commercial financing and goes through Indi Mortgage Commercial Division.
How it works
From first call to keys, in four steps
-
A 15-minute call
You say what you’re trying to do and roughly what you earn.
Riley tell you the price a lender will support, the cash you need to close, and what to fix first.
-
Documents and pre-approval
You send the short list through a secure upload link.
Riley package the file and come back with a pre-approval letter and a rate held 90 to 120 days.
-
Lenders, side by side
You read the comparison and pick.
Riley place one application with banks, credit unions and monolines, and show you every answer.
-
Approval, lawyer, keys
You sign with your own local lawyer.
Riley hold the lender, appraiser and lawyer to the closing date.
Why a broker
Licensed, independent, paid by the lender
- Licensed in Nova Scotia Associate broker 3001134, verifiable on the provincial register
- $0 broker fee On a standard residential mortgage the lender pays, not you
- Banks, credit unions, monolines One application, one credit check, placed with the lender that reads your file best
- Every part of the province Bedford office, remote process: Yarmouth to Sydney, the same four steps
Questions people ask
Who are the private mortgage lenders in Nova Scotia?
Mortgage investment corporations, small lending syndicates and private individuals — often local, often retired professionals or contractors lending against property they understand. None of them is a household name and none takes applications from the public: private lending is placed through licensed brokerages, which is why the list is not something you can look up.
How do I find private mortgage lenders near me, or private mortgage brokers near me?
Through a licensed mortgage broker rather than directly. A broker knows which lenders are actually funding this month, at what loan-to-value and on what property types, and is required to disclose any fee to you in writing first. Anyone advertising private mortgages to borrowers directly and asking for money up front is the thing to avoid: check the provincial registers before sending anyone anything.
What is the difference between an A-lender, a B-lender and a private lender?
An A-lender is a bank, credit union or monoline lender writing prime mortgages on verified income and good credit at the best rates. A B-lender is a regulated alternative lender that accepts weaker credit or non-standard income at a higher rate, usually with a lender fee. A private lender is an individual, mortgage investment corporation or syndicate lending its own money, priced on the property and equity rather than your income.
Do private mortgages in Nova Scotia charge a broker fee?
They can. Nova Scotia regulation requires the fee to be disclosed in writing before any services are provided, and section 22 prevents it being collected until the lender has confirmed funding in writing and you have accepted the commitment. On standard A-lender residential mortgages there is no borrower fee.
How much can I borrow from a private lender?
Less than you might expect, because the lender prices the property rather than your income. Private residential lending typically sits well inside the 80% an A-lender refinance permits, and in Nova Scotia the limit falls further on rural, seasonal and leased-land properties and anything the lender could not sell quickly.
Is private lending a last resort?
Sometimes it is the only resort, and sometimes the right tool: a purchase that must close in ten days, a property no A-lender will value, a self-employed year that will not read until the returns are filed. What matters is that it is temporary, the total cost is written down before you commit, and the exit is real.
Still unsure? Ask me directly.
If your question isn't here, your situation is probably specific. Fifteen minutes on the phone beats reading another page, and nothing is pulled on your credit.
(902) 298-0218 · Monday to Friday, 8:00 am to 10:00 pm Atlantic
A declined application is a starting point, not a verdict
Send what the lender said: most declines have a nameable cause and a route around it, often a different A-lender rather than a private one.
(902) 298-0218 · Monday to Friday, 8:00 am to 10:00 pm Atlantic