Every private file I take on starts with some version of the same question: “Realistically, how fast can this actually close?”

Fair question. “Fast” gets thrown around a lot in this business, and it means different things depending on who’s saying it. So instead of a vague promise, here’s the actual math — real ranges, side by side.

The Bank Timeline

A conventional mortgage through a bank or A-lender, once your full application and documents are in, typically runs:

Underwriting and conditional approval: 5–10 business days
Appraisal (if required): adds 3–7 business days, sometimes more if the appraiser’s backlog is long
Final approval and document prep: another 5–7 business days
Total, start to close: usually 3–5 weeks, assuming nothing gets kicked back for more conditions

And that’s the good scenario — the one where your income is straightforward, the property is standard, and nothing needs a second look. Add a self-employed borrower, a rural property, or a file that needs to go back for clarification even once, and that timeline stretches fast.

The Private Timeline

Private financing isn’t fast because the underwriting is sloppy — it’s fast because the process is built around a different question. A bank asks “does this fit our program?” A private lender asks “does the security make sense?” That’s a shorter conversation.

Initial review and term sheet: often within 24–48 hours of a complete package
Appraisal: still required, but private appraisers tend to have shorter queues — 2–5 business days is common
Legal and funding: 5–10 business days once the lawyer has instructions

Total, start to close: 7–14 business days is realistic for a clean file. I’ve seen it move faster when everyone — borrower, lawyer, appraiser — is genuinely ready to move.

Why the Gap Is So Big

It’s not that private lenders cut corners. It’s that they’re solving a narrower problem. A bank is underwriting you — your income, your job history, your debt ratios, against a rigid program built for thousands of borrowers at once. A private lender is underwriting the property — is there enough equity here that the math works even in a worst-case scenario. Fewer variables, fewer conditions, fewer rounds of back-and-forth.

That’s also why private financing usually costs more. You’re not paying for less scrutiny — you’re paying for a process that isn’t waiting in line behind a thousand other files.

When the Speed Actually Matters

This isn’t really an either-or decision most of the time. It matters when:

A closing date is fixed and a bank mortgage fell through late
You’re competing on an offer and a fast, certain close is a negotiating advantage
A renewal or default situation has a real deadline attached to it

If none of those apply, the bank route is usually still the better economics. Private financing earns its cost when time itself has a dollar value attached to it — and in those situations, the gap between 3–5 weeks and 7–14 days isn’t just a convenience, it’s the difference between the deal happening or not.

If you’re staring down a timeline that a bank can’t hit, let’s talk about what’s actually realistic for your situation — not a guess, a real number based on your file.

I look forward to hearing from you in regard to your mortgage needs.

902-465-5533. I answer.

Patrick

p.s. You can start an application anytime through our secure portal: https://craigburn-capital.mtg-app.com
p.s. Prefer to talk first? Book a time here: [scheduling link]
p.s. Licensed in Nova Scotia and Ontario — NS Brokerage 2025-3000179, NS Broker 2025-3000180, ON M23006699
p.s. Download the mortgage app: [app download link]

Patrick Sawler is a mortgage broker and owner of Craigburn Capital, licensed in Nova Scotia and Ontario, with private financing available in New Brunswick and PEI. He answers his phone.

Questions about your timeline? Call 902-465-5533 or start your application at craigburn-capital.mtg-app.com