Excalibur by First National
Flexible Alt Mortgages Without the Premium Price Tag
Excalibur is the alternative lending arm of First National – Canada’s 2nd largest non-bank mortgage lender. It’s been around for a long time, however was relaunched in its current form in 2018.
Excalibur was built for borrowers who don’t quite fit the banks’ rigid boxes… but don’t want to pay sky-high private rates either. Not quite a B lender, but not quite A either - think A-/B+!
If you’re self-employed, pushing your debt ratios, or rebuilding after a credit hit, Excalibur gives you a second chance, without second-rate pricing.
Excalibur - Your first stop for alternative mortgage financing for self-employed and credit-challenged Canadians.
Not Quite Bankable? Excalibur Says: No Problem.
Getting a mortgage shouldn’t require jumping through flaming hoops just because you’re self-employed, have a past credit blip, or earn income a little differently.
That’s where Excalibur steps in.
As First National’s alternative lending arm, Excalibur combines big-bank stability with alt-lender flexibility. Whether you’re showing 12-month bank statements, pushing your debt ratios, or rebuilding after a life event - this program was built for you.
There’s no condescension. No “computer says no.” Just real underwriters, making real decisions, with real-world scenarios in mind.
Why Borrowers Love Excalibur
It’s not just about getting approved. It’s about how easy they make it.
We use Excalibur because they consistently deliver where others overcomplicate. Here’s why our clients (and brokers!) keep coming back:
💼 Built for Self-Employed Borrowers
Finally! A lender that understands how business owners earn income. They can use 12-month bank statements, affidavits, or commission letters to qualify. No need to sanitize your tax returns.
📈 Approves Higher Ratios
If you’re being shut out by bank rules, Excalibur’s 50/50 GDS/TDS max gives you more room to qualify, especially in expensive markets.
🔒 Backed by First National
You get the flexibility of an alt lender with the funding power, service, and post-close support of one of Canada’s top non-bank lenders. That’s rare.
💰 Fair Pricing for Alt Lending
Some alt lenders treat flexibility like a luxury. Not Excalibur. Rates are competitive, especially on clean BFS files with strong equity. You’re not paying through the nose to get a “yes.”
TL;DR: Who’s Excalibur For?
Self-employed borrowers with 12-month bank statements
Borrowers pushing past big-bank debt ratios
Borrowers recovering from past credit events
Anyone tired of hearing “no” from the big banks
Have the eventual game plan to graduate to A-lenders - Excalibur is a stepping stone
Current Posted Rates for Excalibur
Is Excalibur the smartest move for your mortgage?
I’ll help you find out, no guesswork, just answers.
Thinking of Using Excalibur? Here's What You Really Need to Know
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Excalibur lends across most of Ontario, British Columbia, Alberta, Atlantic Canada, Manitoba, and Saskatchewan.
They focus on urban and suburban markets with strong resale demand. Think cities like Toronto, Vancouver, Calgary, Halifax, and everything in between.
Some highlights:
Ontario: Most cities from Windsor to Ottawa (GTA, KW, London, Niagara, etc.)
BC: Greater Vancouver, Vancouver Island, Okanagan, and interior cities
Alberta: Calgary, Edmonton, Red Deer, Lethbridge, etc.
Atlantic: Halifax + surrounding commuter towns
Manitoba & Saskatchewan: Winnipeg, Regina, Saskatoon, and select mid-sized towns
Rural areas and very small towns? Usually not accepted.
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Oui. Yes. Both.
Excalibur offers full bilingual servicing across Canada in English and French - making life easier for borrowers and brokers alike. -
Excalibur requires a minimum beacon score of 560, but pricing improves significantly with higher scores.
One major credit event (like a bankruptcy or consumer proposal) is allowed if it’s been discharged for at least 6 months.
Important to note that in the alternative space, some lenders don’t require this - and may even help you pay out your consumer proposal/discharge by paying it out themselves, and rolling it into your mortgage. Pretty nifty, eh? If that’s necessary for you, unfortunately Excalibur isn’t the lender - but let’s chat about who would be the right fit.
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Excalibur generally offers 1st mortgages. They have a niche program that is kind of like a 2nd mortgage through a mastercard - but honestly? Although it’s innovative, it’s worse than a private. I usually steer away from it.
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Excalibur prides themselves as being a lender that they want to push their clients out as soon as they can - like a proud mama bird, they want you to move on to the A-side - so they offer 1, 2 and 3 year fixed terms. No variables.
Other things to note:
Amortization: up to 30 years
Prepayment: up to 15% lump sum per year + 15% payment increase + double up on payments
Payout penalty: Greater of 3 months of interest or IRD (same as their parent company, First National)
Payment Frequency: Monthly, Biweekly, semi-monthly or weekly.
From what I’ve worked with, most clients have the goal to graduate out in a year or two - so I mostly recommend those two year terms.
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They’re in the alternative lending space, but like alternative plus. Not far off from the traditional side, but stretched a bit.
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Yes. Gifted funds are allowed from immediate family, as long as the gift is documented. Ideally, a portion of the down payment still comes from your own savings.
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Yes, but for a reason. Excalibur takes on more risk and offers more flexibility. For many clients, it’s still the cheapest option outside of “A” lending, and often a short-term stepping stone back into bank territory.
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100%. This is one of Excalibur’s biggest strengths. You can use 12-month bank statements, affidavits, or commission letters instead of traditional tax returns. Just make sure you’ve been self-employed for at least 2 years.
Excalibur Contact & Helpful Tools
Looking to learn more about Excalibur or explore their mortgage options? Here’s the key info you need — no guesswork, no hassle.
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16 York Street
Suite 1900
Toronto, Ontario
M5J 0E6 -
Toll-free: 1-888-488-0794
Note: Excalibur works exclusively through mortgage brokers like me — calling them directly usually means they’ll refer you back to a broker.
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Hours of Operation:
Monday – Friday: 8:30 AM – 8:00 PM EST
Saturday & Sunday: Closed -
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Not sure if you qualify for Excalibur? Let’s find out together.
