What credit score do you need for a private mortgage?

There is more than one path

There is no single score that answers this for every lender; the credit history behind the score and the rest of the file matter. There is no useful one-size-fits-all answer here, because lenders assess risk in different ways. For Ontario borrowers, the practical question is which lender category can support the file at a cost and term that still make sense.

Private lenders may be less score-driven

For this particular question, some private lenders will consider files with very weak credit because the property and equity position carry more weight.

Low credit can still affect terms

What changes the answer is that a poor bureau may influence pricing, conditions, or the lender’s view of payment risk even when there is no stated minimum score.

Do not confuse flexibility with affordability

A useful distinction is that a private approval should still be evaluated for payment capacity, total fees, and a realistic exit.

What can hurt

If the borrower expects to qualify with a B lender in nine months, a private mortgage can be structured as a bridge. If there is no realistic improvement or sale event, repeated private renewals can become expensive.

Documents to have ready

• For the review, collect a current credit report and explanation for major negative items
• For the review, collect recent income documents and proof of employment or business activity
• For the review, collect statements showing down payment, home equity, or existing mortgage balances
• For the review, collect a list of monthly debts and any amounts that will be paid out at closing