Reviewed by Micky Khaneka, licensed mortgage broker
North York private lending covers a short period when a bank will not fund a Downsview sale overlap, a Willowdale condo, or a house in York Mills.
MKG Mortgages reviews these at the Weston Road office and starts from the exit: what, exactly, pays the private loan off.
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 Downsview bungalow under contract at $980,000, closing in three weeks. The buyer's current condo sells two weeks later, with $200,000 of equity that is not available on the purchase date. A private advance of $200,000 for one month at an illustrative 8.5% interest-only is about $1,420, repaid from the condo closing.
These are the kinds of second and private mortgages files we structure in North York.
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.
Willowdale and Newtonbrook condos are document-heavy even for a short advance. Downsview is a frequent bridge between a sale and a purchase. Bayview Village and York Mills involve larger equity and a first mortgage that has to allow the structure.
Willowdale and Newtonbrook condos are document-heavy even for a short advance. Downsview is a frequent bridge between a sale and a purchase. Bayview Village and York Mills involve larger equity and a first mortgage that has to allow the structure. Don Mills bungalows come up when an owner needs funds during a renovation they will later refinance.
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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People ask how second and private mortgages works on a North York 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.
Yes. Bring both the purchase and the sale to 4250 Weston Road. The dates on those agreements are the file.
Some are. The building's documents and the existing financing decide it. A condo is not approved because the term is short.
The event that repays the private loan: a signed sale, a bank mortgage that can actually close, or another source you can document. Hope is not an exit.
It can fund a short renovation if the equity is there and a refinance or sale is scheduled to take it out. An open-ended renovation budget is not a plan.
No. Interest has to be paid, and the principal has to have a way home. If neither is true, we will not set the file up.
The other services in this list each have a North York 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 North York 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.
North York area hubSecond and Private Mortgages is written for each city MKG serves, not only North York. 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 North York 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.