Private financing is not an option that you should go into lightly. The issue is not only the exorbitant interest rate but also this kind of loan is generally short term with lenders looking at how you would be able to pay back the loan within a year.
As well, lenders require this type of a loan to be secured by a second mortgage lien on your property and your current lender may not allow another mortgage to be put on title behind them.
Before you go into private financing, I will be discussing with you if there are other options available which may be a better alternative. And should private financing be the best option, I will work with your to come up with a realistic exit strategy to get you out of the private loan as soon as possible.
Call me at 604 783 9097 to discuss your situation.