First National Financial LP

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.

CMHC Insured first mortgage purchase of the property

  • $1.6 Million
  • 14 units
  • Montreal, Quebec
  • CMHC Insured
  • 5 years term, 30 years amortization
  • LTV: 84.99%

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%"

Latest resources and insights

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

Growth, Value and Risk

The Bank of Canada made its second policy decision of 2023. After eight consecutive increases stretching back to March 2022, the Bank finally held its overnight rate steady at 4.50%.

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Expert insights

Economic headwinds caused by inflation, interest rates and supply chain shortages continue to make for a uniquely challenging environment here in the first week of March 2023.

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Borrower perspectives

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

An overview of what’s happening in the market from Paul Uffelmann, Director, on our capital markets team.

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View other multi-family mortgage solutions

CMHC financing

As Canada’s largest CMHC-approved apartment lender, we are experts in securing insured financing that offers lower interest rates, higher loan-to-value ratios, and longer amortizations. An insured mortgage enables borrowers to manage cash flow more effectively and realize higher investment returns.

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Standard Financing

First National’s standard financing programs are favoured by borrowers when acquiring a new property or refinancing an existing building. Loan terms typically range from three to five years, have a fixed interest rate, and are closed to prepayment for the term’s duration. 

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Asset repositioning

First National enables owners to access a property’s equity for a short term, typically two years or less, to fund capital improvements or repairs without the need to raise capital from personal sources or less flexible, higher-cost alternatives.

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Secondary financing

A First National second mortgage enables borrowers to access property equity and use it to purchase another asset or renovate/repair their existing property.

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Construction financing

A First National construction loan, whether CMHC insured or conventional, provides funds to cover the cost of building or rehabilitating a multi-family property with terms typically of three years or less.

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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.