Introduction
Private lending isn't what it used to be. The days of throwing a deal at the wall and hoping it sticks are long gone. Today's market demands preparation, communication, and genuine relationships — and brokers who haven't caught up are leaving deals on the table.
In this episode of The Mortgage Broker Podcast, hosts Dean Lawton and Jason Marshall welcome back a familiar and highly respected voice: Christine Perkins, Business Development Manager at Sequence Capital. As ABW's first repeat guest, Christine brings a wealth of experience in the private lending space and delivers a tactical, no-fluff breakdown of exactly how brokers can win more deals in today's challenging market.
Whether you're a seasoned private lending specialist or a broker just beginning to navigate the credit curve, this episode is loaded with actionable insights you can implement immediately.
Every Lender is Different — Know Your Deal First
One of the most common mistakes brokers make when entering the private lending space is treating all private lenders and MICs as interchangeable. Christine is quick to dispel that myth.
Before you can match a deal to the right lender, you need to have complete command of the file itself — property type, borrower profile, purpose of funds, challenges on the file, and the overall story and objectives of the client.
"When you are looking to match with a lender, you have to know everything about your deal. You've got to know all the ins and outs so that you can match right with a lender." — Christine Perkins
Christine also emphasizes the importance of reading the fine print on any commitment. Rate and fee aren't the whole picture. Brokers need to understand:
- Renewal terms and conditions
- Whether interest is calculated as interest-only or amortized
- Total fees involved in the deal
- The lender's history and reputation — are they a MIC or an individual lender?
Your reputation is on the line with every deal you place. Know who you're dealing with before you submit.
Reach Out to BDMs Early — Not When You're Frantic
Christine observes that despite high demand for private lending, most brokers aren't proactively reaching out to BDMs before they have a file in hand. Instead, they get a deal and scramble to find a solution.
"I would encourage brokers to do more of the research upfront to make sure they're dealing with some good lenders. So when they do get that deal hit their desk, it's really easy for them to make a decision about where to place it." — Christine Perkins
The value of a pre-deal conversation with a BDM is enormous. It allows you to work through the gray areas before anything is submitted — because underwriters can't "unhear" information once it's in front of them. A well-structured pre-submission call means that when the deal does arrive, it comes with context, a detailed quotation, and a clear structure already discussed with the client.
Build Relationships with a Select Group of MICs and Privates
Rather than casting a wide net across every private lender you can find, Christine recommends brokers identify and cultivate a select group of private lenders and MICs to work with consistently.
The benefits of depth over breadth are significant in this space:
- Lenders are more likely to make exceptions for brokers they know and trust
- A track record of closed deals demonstrates professionalism and reliability
- A strong relationship means the lender will go to bat for you when deals have complexity or "hair" on them
- Deals don't get "spammed" to multiple lenders simultaneously, which raises red flags
"With property values coming down, files being more difficult, loan to values being high — nothing's easy right now with files. So for the lender to go that extra mile, it certainly helps when we have that relationship." — Christine Perkins
The Three Habits That Win Deals
Habit #1: Communication
Communication is the cornerstone of success in private lending — and it runs in both directions. Christine highlights several communication pitfalls that brokers fall into, chief among them is ghosting the lender after receiving a commitment they're unhappy with.
Christine introduces the acronym FEAR — Future Events Appearing Real. Many brokers, worried that an underwriter's question might kill the deal, will simply call another lender rather than communicating openly. This is a losing strategy.
"Don't ghost your private lender. That's never a good idea. It doesn't build bridges. Try and keep that communication open." — Christine Perkins
Key communication principles for brokers:
- Call your BDM before submitting — structure the deal together first
- Disclose changes immediately — if the client reveals something new, tell your underwriter
- Pull title early — know what's really on the property before it surprises everyone
- View underwriter questions as a positive signal — they see something worth working with
- Don't shop the deal in a panic — work with the lender you're already engaged with
Habit #2: KYC and Setting Client Expectations
Before picking up the phone to call a BDM, brokers need a clear picture of the full file: the real estate, the borrower, the purpose of funds, when the deal needs to close, and all the challenges involved.
Equally important is preparing the client for the private lending experience. This means walking them through the structure, term, pricing, and fees before any commitment is issued. Clients who are blindsided by private lending rates and fees become deals that collapse at the finish line.
"It needs to be an educational journey when you're intake-ing a client. You're going to get clues right away from the first consultation call that this might not be a Scotia Bank deal." — Dean Lawton
The goal is to lead the client down the credit curve gradually and honestly, so that when the private commitment arrives, it's a celebration — not a shock.
Habit #3: Relationships Over Rate Shopping
Private lending is solution-based, not rate-driven. Brokers who approach private deals by shopping for the lowest rate are missing the point entirely. The right solution might be a fully open term, a specific draw structure, or a product that solves a very particular client need.
Christine and Dean both emphasize that now — when the market is quieter for some brokers — is the perfect time to invest in lender relationships. Attend association events. Participate in speed-dating events with lenders. Meet face to face.
"Acting as a human being and not just being transactional — getting to know people — will be what gets your deal approved in a difficult market." — Dean Lawton
The Pre-Submission Checklist
Know the Property
Full disclosure on property details is non-negotiable. Christine highlights several property-related red flags and considerations brokers must address upfront:
- Is the home gutted or under renovation?
- Is it a farm, leasehold, or partial interest?
- Is the land value the primary driver of the appraisal?
- Are there zoning issues — industrial-zoned residential, for example?
- Is it a court-ordered sale where property access is restricted?
- Are there other properties in the borrower's portfolio that could be utilized as additional collateral (inter alia)?
Knowing the full property portfolio can be the difference between a deal that works and one that doesn't — especially when primary property values are coming in low.
Know the Borrower
Understanding the borrower's story is critical, particularly on exception files. Key areas to dig into:
- Credit challenges and the reason behind them (divorce, job loss, etc.)
- Residency status — Canadian citizen living abroad vs. resident taxpayer
- Owner-occupied vs. rental property (impacts payment likelihood)
- Exit strategy — how does the client plan to get back to B or A financing?
- Full disclosure of assets and liabilities across the entire portfolio
Brokers who avoid asking difficult questions out of fear of losing the client are ultimately doing that client a disservice. Framing these questions as being in the client's best interest — which they genuinely are — makes the conversation far easier.
Know the Timing and Risk
Speed is often why clients come to private lenders in the first place. But speed without preparation creates chaos. The single biggest timing killer Christine identifies is the missing appraisal.
For most private lenders, the appraisal is the primary document — income documents often aren't required, but the property valuation is everything. Christine's advice:
- Order the appraisal early, directed to your brokerage first with a transmittal letter option
- Use a realtor partner's CMA to assess value before committing to the appraisal cost
- Check the lender's approved appraiser list in advance
- Leave the lender name blank on the appraisal if you're still deciding — don't pay twice
- For foreclosure purchases, understand that conditions can change dramatically before closing
Sequence Capital's New Fixed-Rate HELOC
In an exciting product announcement, Christine shares that Sequence Capital has launched a Home Equity Line of Credit (HELOC) program — and what makes it stand out in the private lending market is that it's fixed rate.
Here's a breakdown of what's on offer:
- First and Second HELOC: Up to $1,000,000 at 75% LTV, on a 2-year fully open term, at a fixed rate — available in BC, Alberta, and Ontario
- Second Mortgage HELOC: Between $100,000 and $350,000 at up to 65% LTV, on a 1-year fully open term
- Minimum draw of $5,000; funds released within 24 hours of request by email
This product addresses a real pain point: in a world of variable-rate private mortgages that don't drop when prime drops, borrowers are left exposed to rising payment risk. The Sequence fixed-rate HELOC provides certainty and flexibility.
Ideal use cases include:
- Developers paying out construction financing on a completed build
- Real estate investors with equity-rich but cash-flow-tight portfolios
- Business owners needing flexible access to capital for inventory or receivables
- Clients looking to complement a reverse mortgage income strategy
"For brokers, you want to have tools in your toolbox. You want to have different things to talk to your clients about as options." — Christine Perkins
Note: The HELOC is not a construction financing product. It is designed for completed properties and is best suited for clients with an established exit strategy, particularly given current declining property values.
Key Takeaways
- Know your deal inside and out before approaching any lender — property, borrower story, purpose of funds, and challenges
- Call your BDM before you submit — pre-deal conversations save time, prevent surprises, and improve approval outcomes
- Build deep relationships with a select group of lenders, not shallow relationships with many
- Communication is everything — don't ghost your lender, don't fear underwriter questions, and always disclose changes immediately
- Set client expectations early — educate them on private lending rates, fees, and structure from the very first call
- Get the appraisal done early — it's the most important document in a private deal and the most common timing bottleneck
- Know the full property portfolio — cross-collateralization can save deals when primary values come in short
- Sequence Capital's new fixed-rate HELOC is a powerful new tool for brokers serving equity-rich clients who need flexible, predictable access to capital
Why You Should Listen
This episode goes far beyond theory. Christine Perkins brings real, frontline perspective from the BDM seat — the person who sees hundreds of deals come across her desk and knows exactly why some brokers consistently close and others consistently struggle. Combined with Dean and Jason's broker-focused commentary, this conversation is one of the most practically useful episodes the podcast has produced.
If you're looking to sharpen your private lending skills, prepare better files, build stronger lender relationships, and add a compelling new product to your toolkit, this episode is essential listening.
You can reach Christine Perkins at sequencecap.ca — she serves Western Canada and is always happy to connect with brokers looking to learn the space.
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