First National Financial LP

Multi-family residential

Smart-risk lending solutions for multi-family property owners and developers

With population growth, Canada needs multi-family residential housing and First National leads the country in financing it. 

The multi-family asset class is the largest and most popular form of commercial real estate in Canada and accounts for the single largest portion of our lending book. As empowered advisors, we provide smart-risk solutions, both insured and conventional, to property owners with small or large portfolios alike.  

Multi-family assets we finance:

Throughout our history of lending across Canada, we have amassed significant experience in financing multi-family properties with five or more self-contained rental units including:

  • Purpose built rental apartment buildings (affordable and market rents)
  • Condominiums
  • Townhouses
  • Row houses 

We also provide full support and expertise to owners and developers of student and retirement housing. 


CMHC financing

As Canada’s largest CMHC-approved apartment lender, we are experts in securing insured financing that offers lower interest rates, higher loan-to-value ratios, and longer amortizations. An insured mortgage enables borrowers to manage cash flow more effectively and realize higher investment returns.

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Standard Financing

First National’s standard financing programs are favoured by borrowers when acquiring a new property or refinancing 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. 

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Bridge financing

First National’s bridge loan terms usually 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. 

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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.

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Secondary financing

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

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Construction financing

A First National construction loan, whether CMHC insured or conventional, provides funds to cover the cost of building or rehabilitating a multi-family property with terms typically of three years or less.

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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.

To provide construction financing for the development of the multiresidential building.

  • $31 Million
  • 104 units
  • Winnipeg, Manitoba
  • CMHC insured construction to term financing
  • 24 months term for construction/lease period, 10 years thereafter
  • Interest only amortization, 25 years thereafter
  • LTV: 65%

Refinance under the Market Program

  • $6.5 Million
  • 71 units
  • Edmonton, Alberta
  • CMHC insured first mortgage
  • 5 year term, 35 years amortization
  • LTV: 64.88%

The borrower is refinancing a conventional bridge loan used to purchase the subject property.

  • $27.6 Million
  • 138 units
  • Waterloo, Ontario
  • CMHC insured first mortgage
  • 10 years term, 40 years amortization
  • LTV: 64.60%

To replace the existing land financing with VanCity and to repatriate equity to cover pre-development costs leading up to construction financing.

  • $2.2 Million
  • 87 units
  • Victoria, British Columbia
  • Pre-development financing
  • 1 year term, interest only amortization
  • LTV: 50%"

This is an active developer / investor in the Halifax market who will use the equity towards their next development or acquisition.

  • $13 Million
  • 41 units
  • Dartmouth, Nova Scotia
  • 10 year term, 50 years amortization
  • MLI Select"

CMHC Insured first mortgage purchase of the property

  • $1.6 Million
  • 14 units
  • Montreal, Quebec
  • CMHC Insured
  • 5 years term, 30 years amortization
  • LTV: 84.99%

New CMHC insured 1st mortgage to payout existing construction

  • $6.1 Million
  • 23 units
  • Lucan Woods, Ontario
  • CMHC financing
  • 10 years term, 40 years amortization
  • LTV: 68.7%"

A new CMHC insured first mortgage used to refinance the existing mortgage

  • $15.3 Million
  • 179 units
  • Calgary, Alberta
  • CMHC insured first mortgage loan
  • 5 years term, 29 years amortization
  • LTV: 60%

Latest resources and insights

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

Growth, Value and Risk

The Bank of Canada made its final (scheduled) policy interest rate decision of 2023.

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Expert insights

As we close out 2023, which could be described as a year of shifting tides, it’s time for a market update.

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Borrower perspectives

We spoke to Mr. McDaniel about his perspectives on rental housing, the greatest lessons he’s learned and what he values about his relationship with First National.

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Capital Markets update

Our latest Market Commentary by Michelle Tan, Director, Capital Markets, gives us an update on the economy in Canada

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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.