Reviewed by Micky Khaneka, licensed mortgage broker
In Mississauga, private lending shows up when a closing date is firm and the bank file is not, or when credit is mid-repair and the house can carry a short advance.
MKG Mortgages will not place a private loan without naming the month it is supposed to end.
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 house value: $1,150,000. First mortgage: $500,000. A private second of $150,000 would take the combined loans to $650,000. At an illustrative 9.5% interest-only, the second costs about $1,190 a month, on top of the first mortgage, for a term of 12 months while a past-due account seasons.
These are the kinds of second and private mortgages files we structure in Mississauga.
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.
Streetsville and Port Credit purchases are where condition dates get tight. Cooksville and the Square One area add condos with document delays. Meadowvale, Erin Mills, and Churchill Meadows are more often equity requests on houses the owner already lives in.
Streetsville and Port Credit purchases are where condition dates get tight. Cooksville and the Square One area add condos with document delays. Meadowvale, Erin Mills, and Churchill Meadows are more often equity requests on houses the owner already lives in.
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 Mississauga 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.
If the property and the down payment still work, and you can carry the interest until a bank mortgage is realistic. The closing date alone is not a reason to fund.
The agreement of purchase and sale or the current mortgage statement, a rough value, and what changes between now and the exit. Income documents follow.
No. Some first mortgages do not allow it. We read the charge, or we ask, before anyone counts on a second.
The loan is replaced, extended only if a lender agrees, or the property is sold. Extension is not a right. That is why the exit is part of the original file.
They can. The corporation's documents are on their clock. A private lender who wants those documents will wait for them too.
The other services in this list each have a Mississauga 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 Mississauga 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.
Mississauga area hubSecond and Private Mortgages is written for each city MKG serves, not only Mississauga. 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 Mississauga 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.