First National Financial LP
mixed-use

Mixed-use

Secondary financing

Second mortgages are often used to access equity in a property when a borrower wants to purchase another asset or renovate/repair a property. Borrowers with a first mortgage may be eligible for secondary financing on the same property. Options include standard or short-term financing. Secondary financing is an attractive alternative to refinancing, especially if a borrower wants to avoid the penalties associated with breaking a mortgage mid term. 

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An overview of recent First National financings across geographies and asset classes, including a brief summary of deals and the financing amounts.

Smart risk solutions in action for mixed-use

See how we’ve applied our financing products innovatively to help mixed-use borrowers achieve their goals with performance and value.

Loan used to facilitate the purchase of a mixed-use property

  • $25 million
  • 1,445,000 sq. ft.
  • Mississauga, Ontario
  • First mortgage land financing
  • 36 months term
  • LTV: 64%

A new first mortgage used to payout the existing first and second mortgage registered on the property

  • $1 million
  • 18 units
  • Picton, Ontario
  • Conventional first mortgage loan
  • 3 years term, 25 years amortization
  • LTV: 55%

Refinancing an existing debt on a mixed-use mulit-family building

  • $2 million
  • 17 units
  • Ottawa, Ontario
  • CMHC First Mortgage Loan
  • 5 years term, 35 years amortization
  • LTV: 84%

A new first mortgage used to refinance the existing first mortgage registered against the property

  • $5 million
  • 48 units
  • Hamilton, Ontario
  • CMHC first mortgage loan
  • 5 years term, 25 years amortization
  • LTV: 65%

Refinancing an existing construction loan and provide equity withdraw

  • $5 million
  • 5,934 sq. ft.
  • Montreal, Quebec
  • CMHC refinancing first mortgage
  • 5 years term, 35 years amortization
  • LTV: 85%

Withdrawing equity on the property for other real estate investments

  • $8 million
  • 65 units
  • Coquitlam, British Columbia
  • CMHC insured first mortgage
  • 5 years term, 25 years amortization
  • LTV: 58%

Provide funds to construct a mixed-use six-storey development

  • $69 million
  • 207 units
  • Victoria, British Columbia
  • CMHC insured affordable flex first mortgage
  • 10 years term, 40 years amortization
  • Residential LTV: 90%, Commercial LTV: 69%

Refinancing existing debt and an operating line used in construction expansion

  • $5 million
  • 9,445 sq. ft.
  • Kitchener, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 69%

Latest resources and insights

Original perspectives and personal viewpoints on developments and industry trends in commercial real estate.

Growth, Value and Risk

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The BoC made its sixth interest rate decision for 2021, read an overview of the announcement here.

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Expert insights

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Insights from Adam Powadiuk during the Canadian Apartment Investment Conference on September 22, 2021.

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Borrower perspectives

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We spoke to Joe about how he continues to adapt in year two of the pandemic, his vision and key priorities for growth, and how First National supports his ambition and continued growth.

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Capital Markets update

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Neil Silverberg, Senior Analyst, Capital Markets, reviews what happened over the last few weeks in the market, how the market reacted and what it means for you. Read the full commentary here.

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View other mixed-use mortgage solutions

Standard Financing

Standard financing offers a term of five years or more, a fixed interest rate and is typically closed to prepayment for the term’s duration.

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Short-term (bridge) financing

Bridge financing addresses a borrower’s short-term needs, usually three months to three years.

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Repositioning / Renovating

This short-term financing option enables access to a property’s equity for improvements, renovations or repairs, eliminating the need to raise funds from personal sources.

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Development / Construction

Construction financing is available for condominiums, retail, office, industrial, retirement and purpose-built apartments. 

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