Bridge financing for mixed-use properties

First National’s bridge loans are ideal for borrowers who have yet to secure standard financing or who need the time and flexibility to plot a better future for their mixed-use assets.

Our bridge loan terms typically range from three months to three years, include floating interest rates and allow some form of early prepayment.

Borrowers choose this solution until standard financing is secured or while they contemplate a property sale, a change in ownership structure or enhance their tenant roster.

Additionally, a bridge loan can be used opportunistically to execute an operational strategy to position the property more positively for standard financing.

Consistent cash flows, strong operational history and the borrower’s net worth and liquidity are key considerations for this type of financing.

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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.

The purpose of the loan is to pay out an existing first mortgage and provide equity take out for capital improvements

$12.1Million
29 units
Sooke, BC

CMHC insured mortgage
5 year term, 40 years thereafter
LTV: 84.8%

Refinance of a 6-plex to recoup construction costs.

$1.3 Million
6 units
Edmonton, Alberta

CMHC insured first mortgage
10 year term, 50 years thereafter
LTV: 95%

The loan purpose is to refinance an existing construction mortgage.

$12.4 Million
24 units
Campbell River, British Columbia

CMHC insured MLI Select - 100 Points (Energy Efficiency) first mortgage loan
10 year term, 50 years amortization
LTV: 68.47%

To refinance an existing mortgage and provide equity take out for capital improvements.

$ 5 Million
14 units
Montreal, Quebec

CMHC insured first mortgage loan
5 year term,
50 years amortization
LTV: 80.65%
DSC: 1.37x

Provide financing for the property to complete the construction.

$27.2 Million
95 units
Montreal, Quebec

Insured 1st mortgage
24 months term for construction, 5/10 thereafter, Interest only amortization during construction, 40 years thereafter
LTV: 93.79%"

Refinance with MLI Select

$5.2 Million
25 units
Montreal, Quebec

CMHC Insured
5 years term, 40 years amortization
LTV: 92.54%

Used to pay out the conventional construction financing from First National Financial LP with additional proceeds used towards the purchase and construction of multi-family developments

$10.3 Million
40 units
Halifax, Nova Scotia

CMHC insured first mortgage loan
10 years term, 40 years amortization
LTV: 84.2%

Refinance the existing debt registered against the property with a CMHC insured first mortgage

$2 Million
6/12 units
Iqualit, Nunavut

CMHC first mortgage loan
10 years term, 25 years amortization
LTV: 75%

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View other mixed-use mortgage solutions

CMHC Financing

First National’s insured financing programs are ideal for borrowers when they acquire a new mixed-used property or refinance.

Standard Financing

First National’s standard financing programs are favoured by borrowers who look to acquire a new property or refinance an existing building. Loan terms typically range from three to five years, have a fixed interest rate, and are closed to prepayment for the term’s duration.

Asset repositioning

First National enables owners to access a property’s equity for a short term, typically two years or less, to fund capital improvements or repairs without the need to raise capital from personal sources or less flexible, higher-cost alternatives.

Secondary financing

A First National second mortgage enables borrowers to access property equity and use it to purchase another asset or renovate/repair an existing property.

Construction financing

A First National’s construction loan provides funds to cover the cost of building or rehabilitating a property with terms typically of three years or less.