Lenders
B Lender
A specialty lender that approves borrowers who don't meet A Lender criteria, typically at a higher rate plus a one-time broker fee.
B Lenders (also called alternative or near-prime lenders) serve borrowers who don't fit the strict A Lender box: self-employed applicants without two years of T1 generals, newcomers without Canadian credit history, borrowers with bruised credit, or buyers with non-traditional income.
B Lender mortgages are typically priced 1–3% above prime A rates and almost always include a broker fee charged to the borrower (often 1% of the mortgage amount). The fee MUST be disclosed in writing before you sign. B Lenders are still regulated and conduct underwriting; they're not the same as private lenders. Most B Lender mortgages are 1- to 3-year terms intended as a bridge — once the borrower's situation stabilises, the agent refinances them to an A Lender.