KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers
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Our residential call centre is experiencing higher than normal wait times.

If you are a residential customer experiencing financial hardship due to COVID-19 and need to request a mortgage payment assistance, please submit a payment assistance request through My Mortgage.

If you are a commercial borrower experiencing financial hardship due to COVID-19, please email our Payments team at commercial.payments@firstnational.ca.

Be assured that we are committed to getting back to all of you who have contacted us.

Your patience is appreciated, and we thank you for your understanding.

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Multi-family residential

A multi-family residential property is a building with five or more residential units. Some examples include an apartment building, townhouse or row house.

The multi-family asset class is the most popular and largest portion of commercial real estate in Canada. Inventory is plentiful, and there is a range of options to suit every type of buyer. Many buyers choose multi-family because of the consistency of revenue and occupancy, making it a less risky type of investment. With multi-family, buyers can start small and grow their portfolios as they hone their operational expertise.

First National offers several solutions to meet the diverse needs of borrowers interested in multi-family assets.

CMHC financing

Typically, CMHC-insured financing offers lower interest rates and longer amortizations, enabling borrowers to manage cash flow more effectively and realize higher returns.

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Standard Financing

Standard financing is usually considered when borrowers are acquiring a new property or refinancing an existing one and want longer-term financing with predictable payments.

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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 financing

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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Secondary financing for multi-family residential property

Second mortgages are often used to access equity in a property when a borrower wants to purchase another asset or renovate/repair a property.

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Development / Construction

A construction loan helps borrowers manage periodic payments for contract work during the building of a real estate asset.

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CMHC financing

Typically, CMHC-insured financing offers lower interest rates and longer amortizations, enabling borrowers to manage cash flow more effectively and realize higher returns.

Learn more

Smart risk solutions in action for multi-family

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

A new CMHC insured first mortgage used to refinance the existing first and second mortgages

  • $28 million
  • 186 units
  • Ottawa, Ontario
  • CMHC first mortgage loan
  • 10 years term, 30 years amortization
  • LTV: 75%

Refinancing the subject apartment building

  • $16 million
  • 52 units
  • Dollard-des-Ormeaux, Québec
  • CMHC insured first mortgage loan
  • 10 years term, 40 years amortization
  • LTV: 85%

Providing construction financing in developing an apartment building with a non-residential component

  • $19 million
  • 127 units
  • St. Catharines, Ontario
  • CMHC insured construction loan
  • 24 months, interest only amortization
  • LTV: 104%

Providing CMHC term financing for the purchase of the apartment building

  • $6 million
  • 49 units
  • Montreal, Quebec
  • CMHC first mortgage
  • 10 years term, 35 years amortization
  • LTV: 85%

Refinancing CMHC insured first mortgage for an outstanding debt

  • $12 million
  • 112 units
  • Sarnia, Ontario
  • CMHC first mortgage
  • 5 years term, 40 years amortization
  • LTV: 72%

Providing funds to construct a 159 unit apartment building

  • $38 million
  • 159 units
  • Canmore, Alberta
  • CMHC Affordable Flex Program
  • 33 months term, interest only amortization
  • LTV: 91%

A new CMHC insured first mortgage to recapture the amount spent on the purchase of the property

  • $19 million
  • 104 units
  • Montreal, Quebec
  • CMHC first mortgage loan
  • 10 years term, 30 years amortization
  • LTV: 59%

Refinancing an existing CMHC debt with a maturity balance

  • $11 million
  • 93 units
  • Toronto, Ontario
  • CMHC first mortgage loan
  • 5 years term, 30 years amortization
  • LTV: 64%

Latest resources and insights

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

Growth, Value and Risk

Article
This morning, the Bank of Canada left its target overnight benchmark rate unchanged at what it previously described as its “lower bound” of ¼ percent.

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Expert insights

Article
We asked Jeremy to share his views on the state of the market and the outlook for apartment construction activity. Read them here.

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Borrower perspectives

Article
JD Development’s business has focused its business on purpose-built student residences, residential development and town homes. We recently spoke to Jason Qi about their vision for growth and their relationship with First National.

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Capital Markets update

Article
In this week’s commentary, Neil Silverberg, Analyst, Capital Markets, reviews the latest changes in rates as well as an announcement by OSFI, the launch of an NHA MBS from Merrill Lynch Canada and more. Read the commentary here.

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Economic and political developments – both in Canada and globally – can impact the commercial real estate market. First National experts follow these trends closely and provide honest, real and professional perspectives into what they could mean for your portfolio.

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