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 deferral, please submit a payment deferral 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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office

Office property

An office building is a property where tenants rent out space to conduct business. Examples include single-tenant properties, small professional buildings or large skyscrapers. These properties can include amenities designed to make tenants’ lives more convenient, including food court, copy services, express mail collection, fitness centres or child-care centres. This type of asset typically attracts a more sophisticated buyer as a result of the risk profile and operational complexities.

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.

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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

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

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

Construction financing is available for condominiums, retail, office, industrial, retirement and purpose-built apartments. 

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Smart risk solutions in action for office

See how we’ve applied our financing products innovatively to help office borrowers achieve their goals with performance and value.

Providing funds required to refinance the current loan and provide funds for future capital expenditures

  • $4 million
  • 198,093 sq. ft.
  • Windsor, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 48%

Facilitating the purchase of the property contracted for sale

  • $4 million
  • 15,110 Sq. ft.
  • Toronto, Ontario
  • First mortgage loan
  • 5 years term, 25 years amortization
  • LTV: 57%

Purchase property to be converted into a commercial plaza

  • $8 million
  • 87,415 Sq. ft.
  • Oakville, Ontario
  • First mortgage construction loan
  • 24 months term, interest only

Refinancing an existing First National loan and providing additional funds

  • $20 million
  • 54,846 Sq. ft.
  • London, Ontario
  • 24 months term
  • Construction LTV: 80%
  • Constuction loan - Conventional First Mortgage

Conventional first mortgage loan on multiple properties

  • $117 million
  • 1,253,709 Sq. ft.
  • Toronto, Ontario
  • Conventional First Mortgage
  • 13 commercial properties with a combined 1,253,709 Sq. ft of leasable are
  • 3 years term, interest only amortization
  • LTV: 76%

Refinancing of two commercial buildings

  • $9 million
  • 44,010 Sq. ft.
  • Toronto, Ontario
  • Conventional loan
  • 5 years term, 25 years amortization
  • Loan to value: 67%

Developing high-rise building with office and residential uses

  • $15 million
  • 88,447 Sq. ft.
  • Scarborough, Ontario
  • Conventional first mortgage bridge loan
  • 24 months term, interest only amortization
  • Parking lot being redeveloped into a mixed use, high rise building

Provide equity to renovate within real estate portfolio

  • $2 million
  • 18,670 Sq. Ft.
  • Kitchener, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV ratio: 75%

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 previously described as its “lower bound” of ¼ percent.

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Expert insights

Article
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

Article
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

Article
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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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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