FSRA Lic. #13722(416) 371-2077info@stonefieldcapital.ca

Choosing a Private Lender

How to Check a Private Lender's Licence in Ontario

Ontario licenses the businesses and the people who lend, arrange and administer mortgages. Checking a licence takes a few minutes and is the first thing to do before you send a private lender your documents. This page shows how to check, and lists Stonefield Capital's licences.

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How do I check if a private lender is licensed in Ontario?

Ask the lender for its licence number and check it on the public list kept by the Financial Services Regulatory Authority of Ontario (FSRA) of licensed mortgage brokerages, administrators, brokers and agents. The name and number on the list should match the company named on your commitment. Stonefield Capital Inc. holds FSRA mortgage brokerage licence #13722, and Stonefield's mortgages are administered by Stonefield Mortgage Administration Inc., FSRA licence #13636.

Stonefield Capital Inc. holds mortgage brokerage licence #13722 from the Financial Services Regulatory Authority of Ontario (FSRA). Stonefield Mortgage Administration Inc. holds FSRA mortgage administrator licence #13636 and administers Stonefield's mortgages. Stonefield Capital serves Ontario only. Both licences are on FSRA's public list of licensed mortgage brokerages, administrators, brokers and agents.

Who regulates private lenders in Ontario

The Financial Services Regulatory Authority of Ontario (FSRA) licenses and supervises mortgage brokerages, mortgage administrators, mortgage brokers and mortgage agents in Ontario.

The rules for mortgage licensing come from the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations.

Banks, credit unions and insurance companies are regulated under separate rules.

The four mortgage licences in Ontario and what each one covers

Mortgage brokerage
The business licence for a company that deals or trades in mortgages, including a company that lends money on mortgages or arranges mortgage loans.
Mortgage administrator
The business licence for a company that administers mortgages for others: collecting payments, keeping records and handling the payout.
Mortgage broker
The individual licence for a person who deals in mortgages on behalf of a brokerage and meets FSRA's added experience requirements. Every brokerage names a principal broker who holds this licence.
Mortgage agent
The individual licence for a person who deals in mortgages on behalf of a brokerage.

Ontario does not issue a separate licence called a lender licence.

A business that lends on mortgages in Ontario generally holds a mortgage brokerage licence.

How to check a private lender's licence on FSRA's public list

  1. Ask the lender, and the broker or agent you are dealing with, for their licence numbers.
  2. Open FSRA's public list of licensed mortgage brokerages, administrators, brokers and agents.
  3. Search the list by licence number or by company name.
  4. Check that the name on the list matches the company named on your commitment and your cost-of-borrowing disclosure.
  5. Check that the broker or agent you deal with is listed under that brokerage.

What to do if a private lender is not on the list

Do not send documents or sign anything until you know who you are dealing with.

Ask the lender why it is not on the list.

Some private lenders are individuals or companies that lend through a licensed brokerage; in that case, the brokerage's licence is the one to check.

You can contact FSRA to ask about a company or to report a concern.

Stonefield Capital as the example

Stonefield Capital's licences

Stonefield Capital Inc.
FSRA mortgage brokerage licence #13722.
Stonefield Mortgage Administration Inc.
FSRA mortgage administrator licence #13636. Stonefield Mortgage Administration Inc. administers Stonefield's mortgages.

Stonefield Capital serves Ontario only.

David Steinfeld is Stonefield Capital's Principal Broker.

Both Stonefield licence numbers can be checked on FSRA's public list.

Questions about private lender licences in Ontario

Does a private mortgage lender need a licence in Ontario?
A business that lends money on mortgages or arranges mortgages in Ontario generally needs a mortgage brokerage licence from FSRA, unless it is exempt, as banks are. Individual investors who lend through a licensed brokerage generally rely on that brokerage's licence. Ontario has no separate licence called a lender licence.
What is the difference between a mortgage brokerage and a mortgage administrator?
A mortgage brokerage deals in mortgages: it arranges loans, brings borrowers and lenders together, and can lend. A mortgage administrator runs the mortgage after it funds: it collects payments, keeps records, sends statements and handles the payout. In Ontario, each business needs its own FSRA licence.
Is Stonefield Capital licensed?
Yes. Stonefield Capital Inc. holds FSRA mortgage brokerage licence #13722, and Stonefield Mortgage Administration Inc. holds FSRA mortgage administrator licence #13636. Stonefield Capital serves Ontario only.

Other things to check when choosing a private lender

This page is one part of the guide to choosing a private lender in Ontario.

  1. 1
    Honest quotes and no hidden fees

    What a transparent private lender discloses before you sign: the rate, every fee, the cost-of-borrowing disclosure, and what it costs to pay the loan off.

  2. 2
    Direct access to the people who decide

    Why it matters that you or your broker speak with the people who decide on the file, not a chain of departments relaying answers.

  3. 3
    Speed, service and money that is really there

    How quickly a private lender should answer calls and e-mails, issue a commitment and fund, and how to tell whether the money for your loan is already committed.

  4. 4
    What happens when a payment is missed

    What a good private lender does when a payment is missed: early contact, a chance to fix it, and a workable plan before any power of sale.

  5. 5
    An exit plan, and a team that works with brokers

    Why a good private lender plans how you will repay the loan from the first conversation, works with your mortgage broker, and does not keep you in private lending year after year.

  6. 6
    A licence you can check(this page)

    How to check a private lender's FSRA licence in Ontario, what each mortgage licence means, and Stonefield Capital's two licence numbers.

  7. 7
    An honest property value

    How a private lender should value your property, why an inflated value hurts the borrower, and when an appraisal is needed.

  8. 8
    Prepayment and renewal terms up front

    What a private mortgage costs to pay off early or to renew, and why both terms belong in writing before you sign.

What borrowers say about Stonefield Capital

Reviews from past borrowers and brokers show how a lender behaves when a file is hard.

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