First National Financial LP
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Multi-family residential

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. The goal is usually to increase rents and/or reduce operating expenses to drive up the value of the property and make it eligible for standard financing.

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An overview of recent First National financings across geographies and asset classes, including a brief summary of deals and the financing amounts.

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.

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%

Pari-Passu Mortgage

  • $22.2 Million
  • 240 units
  • Halifax, Nova Scotia
  • CMHC insured first mortgage loan
  • 10 years term, 20 years amortization
  • LTV: 59.7%

Proceeds from this loan will be used to payout the existing First National, CMHC insured first mortgage

  • $7.9 Million
  • 42 units
  • Halifax, Nova Scotia
  • CMHC insured first mortgage loan
  • 5 years term, 35 years amortization
  • LTV:85%

The loan will be used to renovate 24 units over 4 years.

  • $ 7 Million
  • 33 units
  • Victoria, British Columbia
  • Conventional Bridge - A/B structure
  • 2 years term, interest only amortization
  • LTV:74.8%

To finance the acquisition of a residential and commercial portfolio

  • $53.5 Million
  • 435 units
  • London, Ontario

Bridge-to close followed by CMHC loan Bridge:

  • 6 months term, interest only amortization

CMHC loan:

  • 10 years term, 40 years amortization
    LTV: 61.8%"

A CMHC Insured First Mortgage on the subject property

  • $9.9 Million
  • 58 units
  • Bedford, Nova Scotia
  • CMHC financing
  • 5 years term, 30 years amortization
  • LTV: 85%"

A new first mortgage used to refinance both the first and the second mortgages registered against the property

  • $25 Million
  • 153 units
  • Quebec City, Quebec
  • CMHC insured first mortgage
  • 10 years term, 25 years amortization
  • LTV: 75%

Latest resources and insights

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

Growth, Value and Risk

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The Bank of Canada raised its overnight rate to 3.75%. This latest increase – the sixth of 2022 so far – is in the range of what many economists predicted and is designed to have a dampening effect on inflation.

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Expert insights

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First National reported its third quarter and year to date results on Tuesday and I must say we are pleased to be more than holding our own in a market that is cooling due to higher interest rates.

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Borrower perspectives

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We spoke to Scott about his perspectives on how the pandemic has impacted the industry, Elevate’s vision for growth, the company’s priorities heading for 2022/2023 and why he finds First National’s integrity and openness empowering.

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Capital Markets update

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The Treasury Guy, Jason Ellis is back. In this week’s Market Commentary, Jason discusses key announcements from the Feds and provides an overview of credit spreads and rates. Read the 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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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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