What is the difference between a private lender and a MIC?
Updated: February 28, 2026CanadaFAQPrivate lending
Quick Summary
A private lender may be an individual or company, while a MIC (Mortgage Investment Corporation) pools investor capital and lends under a corporate structure.
Both can fund private mortgages, but the experience can differ.
Typical differences
- Process and consistency: MICs often have defined products and Underwriting guidelines; individual lenders can be more bespoke.
- Speed and flexibility: individuals may move quickly on unique deals; MICs can be more predictable on standard files.
- Fees and terms: either can charge lender fees and minimum-interest periods, so compare the Commitment Letter line-by-line.
What matters more than the label
- Net advance (how much you actually receive).
- Enforcement and default terms.
- Renewal and payout terms.
- Whether the Exit Strategy is realistic.
Ask your broker to compare options using a net-cost breakdown, not just Interest Rate.