KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers

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Multi-family residential

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. Borrowers with a first mortgage may be eligible for secondary financing on the same property. Options include standard or short-term financing as well CMHC or conventional. Secondary financing is an attractive alternative to refinancing, especially if a borrower wants to avoid the penalties associated with breaking a mortgage mid term.

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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.

A new CMHC insured first mortgage used to refinance the existing first and second mortgages

  • $28 million
  • 186 units
  • Ottawa, Ontario
  • CMHC first mortgage loan
  • 10 years term, 30 years amortization
  • LTV: 75%

Refinancing the subject apartment building

  • $16 million
  • 52 units
  • Dollard-des-Ormeaux, Québec
  • CMHC insured first mortgage loan
  • 10 years term, 40 years amortization
  • LTV: 85%

Providing construction financing in developing an apartment building with a non-residential component

  • $19 million
  • 127 units
  • St. Catharines, Ontario
  • CMHC insured construction loan
  • 24 months, interest only amortization
  • LTV: 104%

Providing CMHC term financing for the purchase of the apartment building

  • $6 million
  • 49 units
  • Montreal, Quebec
  • CMHC first mortgage
  • 10 years term, 35 years amortization
  • LTV: 85%

Refinancing CMHC insured first mortgage for an outstanding debt

  • $12 million
  • 112 units
  • Sarnia, Ontario
  • CMHC first mortgage
  • 5 years term, 40 years amortization
  • LTV: 72%

Providing funds to construct a 159 unit apartment building

  • $38 million
  • 159 units
  • Canmore, Alberta
  • CMHC Affordable Flex Program
  • 33 months term, interest only amortization
  • LTV: 91%

A new CMHC insured first mortgage to recapture the amount spent on the purchase of the property

  • $19 million
  • 104 units
  • Montreal, Quebec
  • CMHC first mortgage loan
  • 10 years term, 30 years amortization
  • LTV: 59%

Refinancing an existing CMHC debt with a maturity balance

  • $11 million
  • 93 units
  • Toronto, Ontario
  • CMHC first mortgage loan
  • 5 years term, 30 years amortization
  • LTV: 64%

Latest resources and insights

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

Growth, Value and Risk

This morning, the Bank of Canada left its target overnight benchmark rate unchanged at what it previously described as its “lower bound” of ¼ percent.

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Expert insights

We asked Jeremy to share his views on the state of the market and the outlook for apartment construction activity. Read them here.

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Borrower perspectives

JD Development’s business has focused its business on purpose-built student residences, residential development and town homes. We recently spoke to Jason Qi about their vision for growth and their relationship with First National.

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Capital Markets update

In this week’s commentary, Neil Silverberg, Analyst, Capital Markets, reviews the latest changes in rates as well as an announcement by OSFI, the launch of an NHA MBS from Merrill Lynch Canada and more. 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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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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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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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.