Multi-family residential

Short-term (bridge) Financing

Bridge financing addresses a borrower’s short-term needs, usually three months to three years. Some borrowers choose bridge financing when they need flexibility to decide about the future of an asset (i.e. contemplating a sale, impending change in ownership structure or operational planning) or time to coordinate a standard financing option. Bridge financing typically includes floating interest rates and usually allows some form of early prepayment. Consistent cash flows and strong operational histories are key considerations for this type of 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.

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%

Loan used to pay out the existing financing on property and completing property improvements

  • $1 million
  • 18 units
  • Fredericton, New Brunswick
  • CMHC insured first mortgage
  • 5 years term, 25 years amortization
  • LTV: 85%

Refinancing the existing debt on the property and to provide equity for continuing capital improvements

  • $29 million
  • 227 units
  • Edmonton, Alberta
  • CMHC insure first mortgage
  • 10 years term, 25 years amortization
  • LTV: 58%

Providing funds to pay out the existing financing with additional funds used for re-investment

  • $25 million
  • 97 units
  • Halifax, Nova Scotia
  • CMHC insured first mortgage
  • 10 years term, 30 years amortization
  • LTV: 85%

Latest resources and insights

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

Growth, Value and Risk

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

Thomas Kim, Vice President and Managing Director of Capital Markets reviews the changes in yields this week.

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Borrower perspectives

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

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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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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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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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.