First National Financial LP

Office property

Smart-risk lending solutions for office property owners and developers

No two office properties are alike. Some are skyscrapers, while others are smaller buildings.

No matter the size or building amenities, First National has the scale to provide the right capital on the right terms to property owners. 

Office assets we finance

Throughout our history of lending across Canada, we have amassed significant experience and selectively participate in these office asset types:

  • Class “A” Office – building location is considered premier with high market perception standards. Buildings typically have excellent finishes, multiple amenities, and high efficiencies 
  • Class “B” Office – building location is considered excellent with medium market perception standards. Buildings typically have good finishes, some amenities, and medium efficiencies 
  • Class “C” Office – building location is considered poor with low market perception standards. Buildings typically have fair finishes, few amenities, and low efficiencies

Standard Financing

First National’s standard financing programs are favoured by borrowers who look to acquire a new property or refinance 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. 

Learn More: Standard Financing

Bridge financing

First National’s bridge loan terms usually range from three months to three years, include floating interest rates and allow some form of early prepayment. Borrowers choose this solution until standard financing is secured or while they contemplate a property sale, a change in ownership structure or enhance their tenant roster. 

Learn More: Bridge financing

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.

Learn More: Asset repositioning

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.

Learn More: Secondary financing

Construction financing

A First National construction loan provides funds to cover the cost of building or rehabilitating a property with terms typically of three years or less.

Learn More: Construction financing

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.

To repay the current maturing loan and to provide additional capital to continue the reinvestment into the property.

  • $3 Million
  • 10 units
  • Ottawa, Ontario
  • Conventional first mortgage
  • 3 years term, interest only amortization for 18 months, then 25 years
  • LTV: 75.4%"

Equity shall be used to facilitate the acquisition

  • $21 Million
  • 124,662 sq. ft.
  • Calgary, Alberta
  • Conventional Mortgage
  • 7 years term, 25 years amortization
  • LTV: 54.00%

Refinance a first and second mortgage

  • $94 Million
  • 176,624 sq. ft.
  • Vancouver, British Columbia
  • Bridge loan/construction takeout financing
  • 2 years term, interest only amortization
  • LTV: 52.7%

To refinance existing debt on the subject property and to provide equity for capital improvements at the subject property

  • $4 Million
  • 30,181 sq. ft.
  • London, Ontario
  • Conventional loan financing proposal
  • 5 years term, 25 years amortization
  • LTV: 69%

Construction financing for an eight level office building

  • $75 million
  • 137,800 sq. ft.
  • Vancouver, British Columbia
  • Conventional first construction mortgage
  • 3 terms years, interest only amortization
  • LTV: 48%

Provide acquisition financing for office building for purchase

  • $7 million
  • 27,911 sq. ft.
  • Bolton, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 67%

Provide a 5 year term loan for refinancing and recuperating equity invested in CAPEX

  • $4 million
  • 14,939 sq. ft.
  • Montreal, Quebec
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 72%

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%

Latest resources and insights

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

Growth, Value and Risk

This week, CMHC advised the market of several important policy updates and refinements designed to support multi-unit housing development across Canada.

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Expert insights

The first quarter of 2024 was the most active opening period in First National’s history as a commercial lender.

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Borrower perspectives

We spoke to Mr. McDaniel about his perspectives on rental housing, the greatest lessons he’s learned and what he values about his relationship with First National.

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Capital Markets update

Jason Ellis provides an overview of this week’s federal budget, rates, the housing market 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.