Common Questions Answered
Everything you need to know about private mortgage lending with Bridgefort Capital.
Bridgefort Capital is a Mortgage Investment Corporation (MIC) based in Salmon Arm, BC, established in 1998. We provide short-term private mortgages at 7-12% across 126+ BC communities outside Vancouver and the Fraser Valley.
A MIC is a Canadian lending company that pools private investor capital to fund mortgages. Unlike banks, MICs are not federally regulated by OSFI, which allows more flexible lending criteria. Bridgefort Capital's funds come from private investors, not the Bank of Canada or bond markets. MICs are provincially regulated, similar to credit unions.
Banks are federally regulated and lend from the bond market, requiring borrowers to meet strict OSFI guidelines. MICs like Bridgefort Capital are provincially regulated and lend from private investor capital. This means we use common-sense underwriting focused on property equity rather than rigid income and credit requirements. The trade-off is higher rates (7-12% vs 4-6% at banks), but faster decisions and more flexibility.
Bridgefort Capital Fund Ltd. (formerly Tekamar Mortgage Fund Ltd.) was established in 1998. Our family's lending roots go back to 1979, under the name Tekarida in the Shuswap region. We've always been based in Salmon Arm, BC and have expanded to lend across the entire province outside Vancouver and the Fraser Valley.
No. We don't syndicate and we don't assign mortgages. When you submit a deal to us, it is our investors' capital that funds the mortgage directly.
We lend across all of British Columbia except Vancouver and the Fraser Valley. This includes the BC Interior, Kootenays, Northern BC, Vancouver Island, Victoria, and the Sunshine Coast. Check our Where We Lend page for the full list of 126+ communities.
If your town is in British Columbia but outside Vancouver and the Fraser Valley, probably yes. Visit our Where We Lend page to see exactly where we lend and the lending parameters for each community.
We target a maximum of 70% LTV. 75% is possible, but only as an exception. The max for each deal is adjusted based on expected days on market (DOM), community economic strength, and the borrower's credit score to ensure our equity position remains fully protected. Larger population centres and mid-sized towns can qualify for up to 70% LTV, smaller communities up to 65%, and remote locations up to 55% LTV.
Our rates typically range from 7% to 12%, priced individually based on property location, loan-to-value ratio, borrower profile, and property condition. Our best available rate starts at 7.75% and adjusts based on deal-specific risk. View our current rates or learn more about how we price deals.
Yes. We charge a renewal fee of the greater of $250 or 0.25% of the loan balance. We price based on risk to determine our APR, ensuring there are no other surprise hidden fees at renewal.
Our standard lender fee structure is:
Our minimum fee on all mortgages is $1,500. For our specialized True Bridge and other bridge products, upfront fees range from 1.5% to 3.0%.
Yes. We regularly capitalize lender fees to lower the interest rate for rate-sensitive borrowers. Lender fees can be increased up to a maximum of 3% to lower the rate by the same amount. The APR stays the same either way. Learn more on our Understanding Our Rates page.
You set your broker fee (within reason), and we collect it for you. We pay you directly on funding. Learn more on our Brokers page.
Yes! Unlike most other MICs and private lenders where exiting requires a full refinance, Bridgefort Capital mortgages are eligible for insurable switches at renewal to select monoline lenders (such as First National, Manulife, and RMG) through Sagen and Canada Guaranty. This unique advantage saves your clients significant costs, including lower legal fees via FCT switch, potentially waived appraisals, and insured interest rate pricing.
We aim to give you a rate quote or answer within 1 business day. If you ask for a call, we call you back within 2 hours. Final approval depends on receiving complete documentation including credit and property details.
We offer first mortgages up to $1 million, second mortgages up to $500,000, construction mortgages, bare land loans, purchase financing, refinancing, and debt consolidation. We also offer inter alia (cross-collateralized) mortgages. No thirds. View all our mortgage products.
We lend with the goal of a term under two years. Our mortgages are designed as bridge financing to help you fix your situation and transition back to traditional bank financing at lower rates. Learn more on our Borrowers page.
Our specialized True Bridge product is designed for buy-before-you-sell scenarios. It allows clients (such as retired couples looking to downsize or sidesize) to secure and purchase their next home before they have listed or sold their existing home. We cross-collateralize (inter alia) across both properties, providing the flexible bridge financing needed without requiring a long-term mortgage commitment.
No. If a property has been used to grow cannabis, we will not lend on it. However, we have a wide range of other mortgage products for most property types.
Fixed rates only. All Bridgefort Capital mortgages are fixed for the full term.
We offer interest-only in second position at any LTV, and interest-only in first position when LTV is under 60%. For amortized mortgages, we use 30-year amortization unless 35 years is specifically requested. We prefer amortized deals.
We offer 1-year terms.
The lender fee is charged upfront on origination. Fully closed: remaining term interest is owed if discharged early. Open after 3 months: minimum 3 months interest charged even if paid out earlier. Fully open: prepay at any time with no additional penalty.
Yes. We offer construction lending for bankable clients. Contact us to discuss your construction deal.
Yes, provided the existing mortgage is in good standing and we receive confirmation of the full term of mortgage payment.
Yes.
We do not lend on properties subject to Certificates of Pending Litigation (CPLs) or in foreclosure.
No. You set your fee, we collect it. We know every deal is different, so you don't need to match our lender fee. We pay you directly from the advance on funding. We do not pay trailing commissions on renewals.
We maintain a wait-list for investors. After more than 25 years of positive returns, we have more people who want to invest than room on our books. Contact us to discuss investment opportunities.
Give us a call or send us a message. We're happy to help.