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

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.

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%

A new CMHC insured first mortgage used to refinance the existing first mortgage

  • $45 million
  • 227 units
  • Toronto, Ontario
  • CMHC first mortgage loan
  • 5 years term, 30 years amortization
  • LTV: 62%

Loan used to facilitate the construction of a brand new rental apartment building

  • $11 million
  • 52 units
  • Stratford, Ontario
  • Construction Financing
  • 24 months term, interest only amortization
  • LTV: 74%

Loan used to purchase apartment property

  • $3 million
  • 32 units
  • Laval, Quebec
  • CMHC insured first mortgage
  • 10 years term, 35 years amortization
  • LTV: 85%

Loan to be utilized to refinance existing debt and excess funds for working capital

  • $18 million
  • 148 units
  • Brampton, Ontario
  • CMHC insured first mortgage
  • 10 years term, 35 years amortization
  • LTV: 56%

Loan to replace existing construction financing with term financing

  • $3 million
  • 32 units
  • Lachenaie, Québec
  • CMHC insured first mortgage
  • 10 years term, 30 years amortization
  • LTV: 67%

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%

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, the Bank of Canada left its target overnight benchmark rate unchanged at what it describes as its “lower bound” of ¼ percent. As a result, the Bank Rate remains at ½ percent.

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Expert insights

Article
In Building Value, Zach Vanier tells us about himself and what he brings to his client relationships.

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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
Neil Silverberg, Analyst, Capital Markets, looks at the latest Canadian employment numbers, the changes that were seen in rates and curves this week and more. 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.

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