Reviewed by Micky Khaneka, licensed mortgage broker
A private mortgage in Brampton is a short advance used when a bank file will not be ready for a firm closing, or when a second mortgage is the only way to reach a defined amount of equity.
Lender fees, broker fees, and a higher cost than a bank first mortgage are part of the first conversation. So is the exit. MKG Mortgages does not place the loan without a dated way out.
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.
Illustrated price: $1,050,000, closing in three weeks, with the bank file still missing a condition. A private facility would cover the gap for a short term, interest-only, plus a lender fee and a broker fee quoted before anyone signs. The exit is a bank mortgage once the missing piece is cleared.
These are the kinds of second and private mortgages files we structure in Brampton.
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.
Springdale and Mount Pleasant show up as purchases that went firm. Bramalea and Heart Lake are more often equity requests on houses people already live in. Credit Valley, Peel Village, and Downtown Brampton are the same test: value, the first mortgage, and the repayment event.
Springdale and Mount Pleasant show up as purchases that went firm. Bramalea and Heart Lake are more often equity requests on houses people already live in. Credit Valley, Peel Village, and Downtown Brampton are the same test: value, the first mortgage, and the repayment event.
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
The firm serves clients in English, Hindi, Punjabi and Bengali.
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People ask how second and private mortgages works on a Brampton property, and what documents come first. The short answers below stay on this page. The lender still decides, and the office is in North York. The lender still decides.
A lender fee and a broker fee, disclosed before work starts, on top of a rate that is higher than a bank first mortgage. The term is short on purpose.
The event that pays the private loan off: a bank mortgage that can close, a firm sale, or another source you can document.
Only if the first mortgage allows it. We ask before anyone counts on a second.
Usually no. Extension is not a right. That is why the exit is part of the original file.
The other services in this list each have a Brampton page. Open the one that matches the file, whether that is a purchase, a refinance, a renewal, a consolidation, self-employed income, or a private mortgage. The lender still decides. The lender still decides.
The Brampton hub names the neighbourhoods, the housing that shows up, and a local example. It links back to these service pages. The office that handles the file is in North York, and the lender still decides. The lender still decides.
Brampton area hubSecond and Private Mortgages is written for each city MKG serves, not only Brampton. The local page changes the neighbourhoods and the example. The rules of the product stay the same, and the lender still decides. The lender still decides.
Send the agreement or the mortgage statement for the Brampton property, or book a call. The first conversation is free. It is a review of this file, not an approval, and the office that handles it is in North York.
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.
Any rate or payment mentioned is illustrative and on approved credit (OAC). It is not a quote, a commitment, or a current offer.