RFA Alternative Mortgages, Explained

RFA runs two lenders under one roof: a prime monoline and an alternative bank. This is the alternative side — RFA Bank of Canada — the common-sense lender for borrowers who don’t fit a standard bank box. (For RFA’s prime lending, see our RFA profile.)

Quick answer: RFA Alternative is RFA Bank of Canada, the alternative (Alt-A / B) lending arm of RFA — a federally regulated Schedule I bank. It’s a balance-sheet alt lender for the self-employed, bruised-credit and non-traditional-income borrowers, and it’s separate from RFA’s prime monoline (RFA Mortgage Corporation). Like the prime side it’s broker-only — we place it and compare it to every other B-lender.

Schedule I

Federally regulated bank

Alt-A / B

Its lending lane

Broker-only

No branches

Balance-sheet

Lends its own book

Who is RFA?

RFA traces back to 1996 as a Canadian-owned real-estate finance firm. It moved into residential mortgage lending in 2018 and accelerated in 2019 by acquiring Street Capital Bank. Today RFA operates two arms: RFA Mortgage Corporation handles prime lending, while RFA Bank of Canada — a federally regulated Schedule I bank — is the alternative lender. So when brokers say “RFA Alternative,” they mean RFA Bank of Canada.

RFA prime vs RFA Alternative

Two lenders, two jobs

	RFA (prime)	RFA Alternative
Legal entity	RFA Mortgage Corporation	RFA Bank of Canada (Schedule I)
Best for	Strong-credit prime borrowers	Self-employed, bruised credit, non-traditional income
Rate	Prime pricing	Higher than prime, priced for risk
Access	Broker-only	Broker-only

Who RFA Alternative is for

Self-employed borrowers whose reported income understates their real cash flow.
Borrowers rebuilding credit after a rough patch who are back on solid footing.
Non-traditional income — commission, contract or seasonal earners.
Anyone who’s a strong borrower on paper’s edges but a clear decline at a big bank.

How a Calgary mortgage broker helps with RFA Alternative

RFA Alternative is broker-only, and alt approvals live or die on how the file is presented:

We package your file for an alt underwriter and put it in front of the lender most likely to approve.
We compare RFA Alternative against Equitable, First National Excalibur, MCAP Eclipse, Home Trust and more — on rate and fees.
We plan your exit back to prime at renewal from the outset.
It’s free, with no credit hit to start and no obligation.

Mortgage Application

Self-employed or rebuilding credit? Let’s find your yes

2-minute form
No credit check to start
Bank-level encryption
No obligation

Frequently asked questions

What is RFA Alternative?

RFA Alternative is RFA Bank of Canada, the alternative (Alt-A / B) lending arm of RFA. It is a federally regulated Schedule I bank that lends to borrowers who do not fit prime, such as the self-employed and those rebuilding credit.

How is it different from RFA’s prime lending?

RFA’s prime lending is handled by RFA Mortgage Corporation for strong-credit borrowers at prime pricing. RFA Alternative (RFA Bank of Canada) serves non-prime files with flexible underwriting at a higher, risk-based rate. Both are broker-only.

Can I get RFA Alternative directly?

No. Like RFA’s prime arm, RFA Alternative is broker-only. The only way to access it is through a licensed mortgage broker.

Are RFA Alternative rates higher than prime?

Yes. Alternative mortgages are priced for the added risk of flexible underwriting, so the rate is higher than prime. They typically run on shorter terms as a bridge back to prime.

A bank said no? RFA Alternative might say yes

We’ll package your file and compare RFA Alternative against every other B-lender, then plan your route back to prime. Apply online in about two minutes, or book a no-pressure discovery call.

Apply online Book a discovery call

Free · No credit check to start · No obligation

This article is general information, not financial, mortgage or legal advice. Lender products, rates, features and penalty structures vary, are subject to change and depend on lender approval. RFA is not affiliated with Mortgages for Less and no endorsement is implied. Please speak with a licensed mortgage professional about your specific circumstances. Mortgages for Less with INDI Mortgage.