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There are a lot of advantages to being a self-employed entrepreneur. There’s more independence, you can set your own hours, earn more money, and choose who you get to work with. It’s a different story though if you want to get a mortgage to buy your dream home.

Over the last number of years, the traditional lenders have implemented a number of very strict lending rules and the banks have cracked down on mortgages for those people who are self-employed entrepreneurs with no reportable income.

This has become extremely frustrating to those applicants because they may have a real estate deal pending a financing condition and the banks are just saying “no” because of new tighter rules.

This is where private lenders come in to help get you the mortgage you need.

In addition to reducing the amortization period and raising the minimum down payment required to purchase a home, in 2014, the Canadian Mortgage and Housing Corporation (CMHC) discontinued mortgages for those who are self-employed without third-party validation. Before that, self-employed Canadians and contractors only had to state their income. Not anymore.

This squashed the home ownership dream for hundreds of thousands of Canadians. That’s because 2.76 million Canadians are self-employed; a whopping 15% of the country. And more and more Canadians step into the ranks of the self-employed every year.

Unfortunately, the big banks don’t really respect entrepreneurs and view them as risky. Because you are a self-employed entrepreneur, and might draw a smaller income for tax purposes, the bank thinks there’s a greater change that you’ll default on a mortgage.

Even if one of the big banks does offer you a self-employed mortgage in Toronto, you won’t be treated the same as if you worked for someone else. They might expect you to provide them with a down payment of 30%. That’s a lot higher than the 20% minimum down payment for those who are not self-employed and the five percent down payment required for those who get a government-backed mortgage.