Scarborough · Toronto, Ontario
Private Mortgages in Scarborough
Yes, we lend in Scarborough. First and second mortgages on houses, townhomes and condos, decided on the equity in the property and a clear exit — not on a credit score or a paystub.
Stonefield Capital is an FSRA-licensed private mortgage lender providing first and second mortgages on residential property in Scarborough, Ontario. Approval is based on the equity in the property and a clear exit strategy rather than credit score or income documents. Most files close without a formal appraisal, commitments are issued the same day, and funding can happen in as little as 48 hours. Borrowers are matched with a Stonefield-approved mortgage broker; brokers submit deals directly.
How a private mortgage works in Scarborough
A private mortgage is a short-term loan secured against your property, funded by a private lender instead of a bank. It exists for the situations a bank's checklist can't handle: a closing date the bank won't meet, income that doesn't fit the form, a credit score that slipped, a property the bank won't touch, or a power of sale that has to be stopped this month. The loan is a bridge, typically 1 to 12 months, interest-only, with a planned way out.
Stonefield underwrites three things: the equity in the property, whether it can be sold in the Scarborough market if it came to that, and the exit — a refinance back to a bank, a sale, or a defined payout. We run our own comparable-sales analysis rather than waiting for an appraisal, so a Scarborough file usually gets a commitment the same day it arrives, and if an appraisal is ever needed you hear it in the first response, never at closing.
Pricing is set by loan-to-value and lien position. First mortgages currently start from 7.99% and second mortgages from 9.49%; the full ladder is on our rate page and it updates whenever our pricing does.
The Scarborough picture
Scarborough is part of the City of Toronto, with a broad base of detached and semi-detached homes from the 1950s to the 1980s, townhouse complexes, and growing condo clusters around the Town Centre and along the Bluffs. It is a market where equity has built up quietly in family homes over many years.
Typical Scarborough files are debt consolidations, equity take-outs for a second property or a business, and refinances that stop a power of sale.
Scarborough is inside the GTA
In the GTA we lend up to 70% loan-to-value on residential property, and our sharpest-priced programme, Stonefield Ace, applies to first mortgages here: GTA-only, first mortgages from $200,000, priced below our Flex ladder for files with an approved appraisal and a 600+ beacon. Everything that doesn't fit Ace goes through Stonefield Flex: firsts and seconds, no minimum credit score, usually no appraisal.
Second mortgages in Scarborough
A second mortgage sits behind your existing first mortgage and lets you borrow against the equity you've built without breaking the first. In Scarborough this is the most common way homeowners consolidate high-interest debt, clear CRA or property-tax arrears, fund renovations, or pull working capital out of the house. The first mortgage stays exactly as it is.
We fund seconds in Scarborough the same way we fund firsts: on combined loan-to-value and a credible exit. A bank decline for credit or income reasons doesn't stop a second mortgage here, because we aren't underwriting your credit. If the combined LTV runs high, a second Ontario property can be added as collateral to bring it into range.
More on private second mortgages and second mortgages with bad credit.
What we lend on in Scarborough
Equity and exit, not credit score
No minimum beacon. Approval turns on the equity available and a realistic exit. A Notice of Assessment is always requested to confirm there are no CRA arrears ahead of the mortgage.
Usually no appraisal
We run comparable sales in Scarborough ourselves at submission, saving the fee and several days. If a report is needed, you hear it in the first response.
Same-day commitments
A commitment the day the file arrives in most cases, and funding in as little as 48 hours once a lawyer is ready. Legal preparation, not underwriting, is the usual bottleneck.
When Scarborough homeowners and brokers call us
The bank said no
Declined or won't renew on credit, income, or property type, but the equity is there.
Self-employed income
Your return shows a fraction of what you earn and the bank's ratios don't work.
Debt consolidation with bruised credit
Roll cards, loans and arrears into one payment against the house.
Power of sale
Your lender has started proceedings and you need to refinance or sell on your own terms.
A closing that can't wait
The bank pulled the deal or is too slow and the date is days away.
Bridge to a sale
Buying in Scarborough before your current home has sold, or closed.
Areas of Scarborough we lend in
Residential property anywhere in Scarborough: detached, semi, townhouse and condo. If your street isn't listed, we still lend there.
Frequently Asked Questions
Does Stonefield lend in Scarborough?
How much can I borrow on a Scarborough property?
What does a private mortgage in Scarborough cost?
Do I need an appraisal?
How fast can a Scarborough mortgage close?
I'm a homeowner in Scarborough, not a broker. How do I start?
Private mortgages near Scarborough
Have a Scarborough property and a deadline?
Homeowners get matched with a Stonefield-approved broker. Brokers submit the file directly and hear back the same day.