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Multi-family residential

Development / Construction

A construction loan helps borrowers manage periodic payments for contract work during the building of a real estate asset. Construction financing is available for condominiums, retail, office, industrial, retirement and purpose-built apartments. CMHC-insured construction financing is available for purpose-built apartment buildings, retirement and affordable housing.

An exit strategy for the construction loan is one of the key considerations for funding (i.e. CMHC standard financing or individual unit sales for residential condo projects).

Other critical considerations include the borrower’s experience, quality of the site and market feasibility (especially for CMHC financing).

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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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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.

Equity takeout to expand portfolio

  • $6 million
  • 33 units
  • North York, Ontario
  • CMHC refinancing first mortgage
  • 10 years term, 35 years amortization
  • LTV: 75%

A new CMHC insured first mortgage to facilitate the purchase of the property

  • $650,000
  • 18 units
  • Melville, Saskatchewan
  • CMHC purchase
  • 5 years term, 30 years amortization
  • LTV: 85%

CMHC first mortgage to facilitate purchase of subject property

  • $2 million
  • 24 units
  • Saint John, New Brunswick
  • CMHC purchase
  • 5 years term, 30 years amortization
  • LTV: 85%

Refinancing of CMHC insured first mortgage loan

  • $2 million
  • 21 units
  • Montreal, Quebec
  • CMHC refinancing first mortgage
  • 2 years term, 35 years amortization
  • LTV: 85%

Loan to facilitate the payout of an existing first mortgage

  • $8 million
  • 26 units
  • Toronto, Ontario
  • CMHC refinancing first mortgage
  • 5 years term, 40 years amortization
  • LTV: 79%

Refinancing an existing construction loan

  • $42 million
  • 189 units
  • Edmonton, Alberta
  • CMHC refinancing first mortgage
  • 10 years term, 40 years amortization
  • LTV: 93%

Refinance to payout construction lender and repatriate equity

  • $27 million
  • 174 units
  • Edmonton, Alberta
  • CMHC insured first mortgage
  • 15 years term, 40 years amortization
  • LTV: 79%

A CMHC insured first mortgage loan used to pay out the existing debt

  • $22 million
  • 89 units
  • Mississauga, Ontario
  • CMHC insured first mortgage
  • 5 years term, 40 years amortization
  • LTV: 80%

Latest resources and insights

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

Growth, Value and Risk

Article
All eyes were on the Bank of Canada this morning as it made its fifth interest rate decision of 2021. Read about it here.

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Expert insights

Article
In the first six months of 2021, demand for First National’s commercial property mortgages continued at a blistering pace across Canada.

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Borrower perspectives

Article
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

Article
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 multi-family mortgage solutions

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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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.