MKG Mortgages · GTA
Reviewed by Micky Khaneka, licensed mortgage broker
A second mortgage sits behind the first. A private mortgage is short-term money that can close a dated gap and bridge back to a prime mortgage.
MKG Mortgages writes the exit down first: the sale, the bank mortgage, or the other event that pays the loan off. The review covers the GTA.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
There has to be equity, a first mortgage that allows the structure if a second is used, and a dated way out. The way out is a firm sale, a bank mortgage that can close, or another source you can document.
An illustrative example names the gap in weeks, the fee, and the event that repays the loan. Interest is described as higher than a bank first mortgage, without quoting an offered rate. If the exit is not real, the sketch is a reason to stop.
Illustrative example
The challenge. The bank file was one condition short of funding on that date.
How MKG structured it. A private advance covered the closing, with the bank mortgage named as the exit once the condition was cleared.
Illustrative example
The challenge. The sale was firm and closed a few weeks after the purchase.
How MKG structured it. A short bridge used the equity from the sale as the repayment.
Illustrative example
The challenge. The bank would look again after a defined period, and the house could support a second mortgage now.
How MKG structured it. We placed a private second with that refinance as the way back to prime.
The exit date is part of the file before an advance.
The two agreements, or the mortgage statement and the purpose, come first. Then the fees, in writing, before an application. Then the term, which should end soon after the exit, with a little room. Extension is not a right. The lender still decides.
01
Timing, credit, or the property itself. That is what tells us how a private or second mortgage bridges back to prime.
02
Private lending is usually a bridge. How the loan gets replaced, and by when, is part of the first conversation.
03
The existing mortgage, the value, and what the funds are for have to line up. A short term does not skip that review.
It is the wrong path when a bank mortgage can close in time, or when there is no repayment source. It can be the right path for a firm purchase the bank file will miss, or when breaking a good first mortgage would cost more than a short second.
A purchase is firm and an institutional file will not finish in time.
A recent issue is blocking a bank approval, and the property can carry a shorter facility.
A sale, a purchase, or a refinance is in progress and the dates do not meet.
| Path | Speed and cost | Exit |
|---|---|---|
| Bank first mortgage | Lower cost, more conditions | The amortization you choose |
| Private mortgage | Shorter, higher cost, fees disclosed | A sale or a later bank mortgage |
| Second mortgage | Leaves the first in place | A refinance when the first allows it |
Sources. FSRA — mortgage brokering · FCAC — mortgages Published rules change. Read the current page, and confirm tax with your lawyer, before you rely on a figure.
North York, Toronto, Vaughan, Mississauga, Brampton, Oakville, and Milton each have a second-and-private page. The fee and the exit are explained the same way. The streets change. A commercial property belongs on the commercial page, not in a private house loan.
The note below is paraphrased from a public Google review. It is one client's experience, not a promise that the next file ends the same way. A rate in a client's words is not an offer from MKG. The lender still decides.
A client with a tight closing wrote that the costs and the way out were set out before anything moved ahead.
Paraphrased from a public Google review of MKG Mortgages. Names and identifying details are left out.
Micky Khaneka is a licensed mortgage broker, FSRA M21002608, at FLOW Lending Group, Brokerage #12864. Canadian Mortgage Professional named him to the CMP Top 75 for 2026, at number 15 in Canada. The lender still decides. The lender still decides.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
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These are the questions that show up before a file is opened. The short answer sits under each one in the page, so you can read it without opening a box. The lender still decides, and a figure in an example is not an offered rate.
Usually no. It covers a period when a bank mortgage is not available. We talk about how you leave it before an application starts.
The property, the mortgage already on it, and why institutional financing is not the fit right now. Income and credit are still part of the file.
Expect a lender fee, a broker fee, and a higher cost than a bank first mortgage. Those amounts are stated before an application starts, and they are on approved credit. They are not a quote until a lender issues one.
The exit, meaning how and when the loan is paid off, is part of that same conversation.
Private mortgages are a normal short-term tool when the bank route doesn't fit. In Ontario, mortgage brokerages and agents arranging them must be licensed by FSRA, and you can look up any licence on FSRA's public register. A safe private mortgage has clear costs in writing, independent legal advice, a short term and a realistic way out, like a sale, a refinance or a better credit profile.
We only arrange private loans that come with an exit plan, and we'll show you all the fees before you sign.
Checked October 18, 2026. https://www.fsrao.ca/consumers/mortgage-brokering
Often, yes. Lenders look at why your score dropped and what's happened since, not just the number. Depending on your history, we may go to a major bank, an alternative lender that's more flexible about past problems, or a short private mortgage while you rebuild.
A bigger down payment or equity helps a lot. We'll set out a plan to move you back to better rates, usually within one or two terms. Every option is subject to approval, and we're upfront about costs.
Checked October 18, 2026. This answer describes how a file is read. It is not an approval.
Book a time or send the statement, the agreement, or the assessments you already have. The first call is free. It is a review of the file, not a promise of approval, and any rate talk stays illustrative and on approved credit.
Any rate or payment mentioned is illustrative and on approved credit (OAC). It is not a quote, a commitment, or a current offer.