First National Financial LP
apartment

CMHC financing for multi-family properties

 

First National is Canada’s largest CMHC-insured lender in the apartment industry. That means we are experts in understanding all relevant CMHC programs and incentives and securing insured financing that offers borrowers significant financial and strategic benefits. 



 

Mortgage loan insurance enables borrowers to purchase or refinance multi-family residential properties with competitive features including lower down payments and interest rates. 

Additionally, CMHC-insured financing offers various loan terms, higher loan-to-value ratios, and longer amortizations.  All of these advantages support cash flow goals and investment returns. 

This makes our insured programs the most popular choice for multi-family property owners who rely on us to advise them of how to meet CMHC MLI Select program requirements for affordability, energy efficiency and/or accessibility to successfully complete the application process. 

We also provide full support and expertise to borrowers seeking CMHC multi-family construction loans.

Speak to one of our empowered advisors to assess options and determine the best course of action for finding and securing a smart-risk mortgage, insured or conventional. 

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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 refinance the property.

  • $5.1 Million
  • 17,488 sq. ft.
  • Oakville, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 66%

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%

Funds to be used for capital repairs as well as future acquisitions and new construction of rental properties.

  • $46 Million
  • 135 units
  • Port Coquitlam, British Columbia
  • CMHC insured first mortgage
  • 10 year term, 25 years amortization
  •  LTV: 84.30%

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%

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%"

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"

Latest resources and insights

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

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View other multi-family mortgage solutions

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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Sign up for Market updates

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.