Reviewed by Micky Khaneka, licensed mortgage broker
Private lending in Oakville covers a defined gap: a purchase that cannot wait, or equity needed between a sale and a refinance. A second mortgage is used when replacing the first is the more expensive path.
MKG Mortgages explains the lender fee, the broker fee, and the higher cost, then names the month the loan 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 purchase in Bronte closes in four weeks. The buyer's current house is firm and closes three weeks later, with equity that is not available on the purchase date. A short private bridge, plus the lender fee and broker fee, is repaid from that sale.
These are the kinds of second and private mortgages files we structure in Oakville.
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.
Old Oakville and Bronte purchases are where condition dates get tight. Glen Abbey, River Oaks, and West Oak Trails are more often equity requests. Joshua Creek and Downtown Oakville follow the same rule: no exit, no advance. The lender still decides.
Old Oakville and Bronte purchases are where condition dates get tight. Glen Abbey, River Oaks, and West Oak Trails are more often equity requests. Joshua Creek and Downtown Oakville follow the same rule: no exit, no advance.
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 Oakville 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.
Private capital is priced for a short term and a file a bank will not do today. It is not a substitute for a five-year bank mortgage. Any figure is on approved credit and is not a quote.
The lender may charge a fee, and the brokerage may charge a broker fee. Both are stated before an application starts.
Not enough equity, a first mortgage that cannot be postponed, or no credible way out.
No. An open-ended project is not an exit. A scheduled refinance or sale can be.
The other services in this list each have a Oakville 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 Oakville 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.
Oakville area hubSecond and Private Mortgages is written for each city MKG serves, not only Oakville. 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 Oakville 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.