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

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.

A CMHC insured first mortgage to refinance a twelve story rental apartment building

  • $9 million
  • 112 units
  • Ottawa, Ontario
  • CMHC Financing First Mortgage Loan
  • 5 years term, 25 years amortization
  • LTV: 57%

Refinancing property and repaying existing construction bridge loan

  • $17 million
  • 76 units
  • Sainte Julie, Quebec
  • CMHC Insured Refinancing
  • 10 years term, 40 years amortization
  • LTV: 85%

Provide construction financing to the complex

  • $34 million
  • 271 units
  • Calgary, Alberta
  • CMHC insured construction financing
  • 10 years term, 40 years amortization
  • LTV: 65%

Refinancing existing debt and executing numerous repairs and capital works for repositioning

  • $9 million
  • 141 units
  • Quebec City, Quebec
  • CMHC first mortgage loan
  • 10 years term, 35 years amortization
  • LTV: 60%

Providing a CMHC first mortgage loan to acquire apartment property

  • $13 million
  • 71 units
  • Mirabel, Quebec
  • CMHC first mortgage loan
  • 10 years term, 40 years amortization
  • LTV: 75%

Replacing existing construction financing with a new term financing

  • $18 million
  • 97 units
  • Brossard, Québec
  • CMHC insured first mortgage loan
  • 10 years term, 30 years amortization
  • LTV: 70%

Refinancing existing debt and provide funds for other corporate initiatives

  • $24 million
  • 51 units
  • Toronto, Ontario
  • CMHC insured loan
  • 10 years term, 35 years amortization
  • LTV: 70%

A CMHC insured first mortgage registered against the subject property to payout conventional loan

  • $8 million
  • 10 units
  • Iqaluit, Nunavut
  • CMHC insured first mortgage
  • 5 years term, 40 years amortization
  • LTV: 72%

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 in its 10th and likely final policy decision of 2020, the Bank of Canada left its target overnight benchmark rate unchanged at what it describes as its “lower bound” of 0.25%.

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Expert insights

Article
Here at First National, the year has started very quickly. After recording tremendous growth in 2020, we have set our sights on doing even more this year.

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Borrower perspectives

We spoke to Alain Grandmaison about his view of the industry impacts resulting from COVID-19, whether or not Junic has altered its vision for growth and why First National is a great fit for the new generation of developers.

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Capital Markets update

Article
This week’s Market Commentary provides an update on rates and curves, CHT Issuance levels and more. Read it 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.

Learn More

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.

Learn More
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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.

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