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

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 deferral, please submit a payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form.

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.

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. Properties with stable cash flow and consistent operating histories are favourable candidates for standard financing.

Standard Financing offers a term of five years or more, a fixed interest rate and is typically closed to prepayment for the term’s duration. For multi-family, the two types of standard financing are CMHC-insured and conventional.

CMHC-insured financing

CMHC-insured financing offers lower interest rates, terms of 5 years or more and higher loan to value ratios, making it the most popular choice for most borrowers. There are also programs available to borrowers (i.e. the Energy Efficiency Program) that can help them increase their loan amounts, access premium credits and lower their monthly expenses.  

First National is Canada’s largest CMHC-insured lender.

Conventional financing

Conventional financing is an excellent option, especially when CMHC-insured financing is not possible as a result of market leading purchase price, borrowers being unable to meet CMHC’s personal guarantee requirements or if a commercial component (retail or office) disqualifies the property from CMHC insurance. The typical term for conventional financing is five years, however seven and 10-year terms can be available.

Commercial Mortgage Backed Securities (CMBS): CMBS is a conventional financing solution available for first mortgages on established, stabilized properties (generally three or more years of stable operating history). This type of financing works well for properties with in-place, stabilized net cash flow.

Connect with a financing expert

Stefan Steele
Senior Analyst, Credit Adjudication

Scott Lynds
Assistant Vice President, Commercial Financing

Andrew Drexler
Assistant Vice President, Commercial Financing

Benoit Allaire
Assistant Vice President, Commercial Financing

Robert Fleet
Assistant Vice President, Commercial Financing

Evan Pawliuk
Assistant Vice President, Commercial Financing

Lori Isaac
Senior Analyst, Commercial Financing

Michele Cook
Director, Commercial Financing

Jonathan Philipps
Director, Commercial Financing

Daniel Kowalczyk
Senior Analyst, Commercial Financing

Mitchell Tomulka
Assistant Vice President, Commercial Financing

Maksim Stajic-Katic
Senior Analyst, Commercial Financing

Paul Steckler
Assistant Vice President, Commercial Financing

Michael Yeung
Regional Vice President, Commercial Financing, British Columbia

Dru McAuley
Assistant Vice President, Commercial Financing

Peter Cook
Assistant Vice President, Commercial Financing

Simon Verdy
Assistant Vice President, Commercial Financing

Adam Weinbaum
Analyst, Commercial Financing

Jody Comeau
Assistant Vice President, Commercial Financing

Damir Jesic
Assistant Vice President, Commercial Financing

Jim Foote
Assistant Vice President, Commercial Financing

Erin Solmundson
Senior Analyst, Commercial Credit

Andrew Brickley
Director, Commercial Financing

Yohan Kadoch
Assistant Vice President, Commercial Financing

Edgar Kieser
Assistant Vice President, Commercial Financing

Alison Afaganis
Senior Analyst, Commercial Financing

Samuel Lasanté
Director, Commercial Financing

Henry Chung
Director, Commercial Financing

Ilan Barda
Assistant Vice President, Commercial Financing

Adam Powadiuk
Director, Commercial Financing

Darryl Bellwood
Assistant Vice President, Commercial Financing

Miyadh Mutahar
Analyst, Commercial Financing

Brian Kimmel
Assistant Vice President, Commercial Financing

Daniel Bragagnolo
Assistant Vice President, Commercial Financing

Gidu Park
Analyst, Commercial Financing

Reed Bracken
Assistant Vice President, Commercial Financing

Abby McQuire
Director, Commercial Financing

Russell B. Syme
Assistant Vice President, Commercial Financing

Jamie McCallum
Assistant Vice President, Commercial Financing

Troy Barker
Assistant Vice President, Commercial Financing

Barry C. Gidney
Assistant Vice President, Commercial Financing

card_thumb_commercial

Financing resources

The one place to access the latest commercial insights and news.
SUNPFNWEB06