Private Mortgage in Burnaby: Compare BC Lender Options 2026
Burnaby's mix of detached, townhouse, and high-density condo properties makes it one of the most varied BC markets for private mortgage financing. Different lenders prefer different parts of Burnaby — here's how to match your situation to the right one.
- Three property types, three lender pools. Detached → broad MIC interest, townhouse → most MICs OK, high-rise condo → smaller lender list (some MICs avoid concrete towers).
- Rates: 9.24–13.24% on private 1st. Burnaby Mountain and South Burnaby detached price tighter; Brentwood/Metrotown high-rises a touch higher due to concentration risk.
- Investor-friendly market. Many Burnaby condo investors use private 2nds to fund additional purchases without breaking favorable 1st mortgages.
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Why Burnaby homeowners use private mortgages
- Cash-out refinance on a Burnaby detached — typical $1.6M-$1.9M values support significant equity pulls of $300K-$500K without breaching 75% LTV.
- Condo investor portfolio refinancing — Burnaby has many condo investors (Brentwood, Metrotown, Lougheed) who use private 2nds to fund additional purchases.
- Self-employed buyers and refinancers declined by banks.
- Bridge financing between Burnaby and other Lower Mainland properties.
- Distressed refinance after missed payments or stress-test renewal failure.
Burnaby private mortgage rate ranges (mid-2026)
| Position | Rate range | Lender fee | Typical max LTV |
|---|---|---|---|
| Burnaby 1st position | ~8.99–12.99% | ~1–2% | 75% |
| Burnaby 2nd position | ~10.99–14.99% | ~1.5–3% | 75–80% combined |
General market ranges, OAC.
Burnaby-specific factors
- North Burnaby detached (Capitol Hill, Burnaby Heights) — universally accepted, often best rates.
- Brentwood / Metrotown / Lougheed condo towers — lender support varies by building. Newer well-managed stratas are easy; older buildings with strata fee or depreciation concerns may slow approval.
- South Burnaby / Big Bend light-industrial-adjacent properties may need a private specialist who understands the area.
- SFU area townhouses on leased land (UniverCity) — limited lender pool; private specialists only.
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Mid-2026: Burnaby private 1sts 8.99-12.99%, 2nds 10.99-14.99%, plus 1-3% fees. Pricing matches Vancouver for North Burnaby and most metro areas.
Yes — most MICs accept Burnaby condos in well-managed strata buildings. Newer towers with low strata fees and clean depreciation reports get the easiest approvals.
5-10 business days for a clean file. Same speed as Vancouver — Lower Mainland Burnaby is in every major MIC's standard catchment.