Helping a Newcomer Family Secure a Home in Charlottetown, PEI
At Keystone MIC, we’re proud to help clients across Atlantic Canada achieve their homeownership goals — especially when traditional lenders say “no.” A recent example in Charlottetown, Prince Edward Island (PEI) highlights how private mortgage lending can create solutions for newcomers and self-employed borrowers.
The Challenge
Our client recently purchased a new construction, owner-occupied home in Charlottetown, PEI. Like many newcomers to Canada, he faced challenges securing traditional mortgage financing on PEI:
He immigrated to Canada in 2021 and is currently here on a valid work permit.
He had substantial personal savings, but only a limited Canadian credit history (with his first trade line opened in late 2023).
He is self-employed, having purchased a local franchise six months ago. While the business is operating successfully, he has not yet built the two years of self-employment history that most banks and credit unions on PEI typically require.
Despite these challenges, the client was well-positioned financially. He had over $200,000 in savings, strong income potential from his business, and a clear plan to transition into a more traditional mortgage product once he had sufficient history in Canada.
Our Solution
Keystone MIC provided flexible private mortgage financing on PEI to complete the purchase in Charlottetown. Here’s how we approached it:
Verified Savings: The client demonstrated significant funds on deposit at a major Canadian bank.
Down Payment from Own Resources: No gifted funds or borrowed money — the down payment was entirely from personal savings.
Strong Repayment Plan: With an annual income of $150,000 and over $50,000 remaining in savings after closing, the client had the capacity to manage payments.
Exit Strategy: The client intends to refinance with a B lender after one full year in business and will also apply for permanent residency in Canada.
This combination of verified savings, self-employment income, and a solid exit strategy made this a strong private lending file — and it allowed the client to move forward confidently with the purchase of his new home in Prince Edward Island.
Why Private Lending Works on PEI
Prince Edward Island has become an attractive destination for newcomers and families seeking affordable housing and a strong quality of life. However, buyers who are new to Canada or self-employed often face challenges with traditional banks. That’s where a private mortgage lender on PEI can help.
Private lending provides a bridge for borrowers in Charlottetown and across the province:
Fast approvals and funding
Flexible documentation requirements
Self-employed mortgage solutions on PEI
New to Canada mortgage options
Exit strategies into traditional lenders
Final Thoughts
At Keystone MIC, we specialize in helping clients in Charlottetown, across PEI and all through Atlantic Canada who don’t fit the traditional lending box. Whether you’re self-employed, a newcomer to Canada, or facing a unique financial situation, private lending can be the solution that gets you into your home today.
👉 Looking for a private mortgage lender on PEI or want to explore Charlottetown mortgage options? Contact Keystone MIC to learn more about how we can help.
