Office

Development / Construction

A construction loan helps borrowers manage periodic payments for contract work during the building of a real estate asset. Construction financing is available for condominiums, retail, office, industrial, retirement and purpose-built apartments. An exit strategy for the construction loan is one of the key considerations for funding (i.e. standard financing or individual sales of office units).

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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 office

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

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%

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%

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Latest resources and insights

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

Growth, Value and Risk

Bank of Canada maintains its benchmark interest rate to 4.50%

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

A First National business update from Jeremy Wedgbury

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

Borrower Perspectives: Scott Bearss, Partner and VP Finance - Elevate Development Corporation

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

Market Commentary: SVB, volatility and rates

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

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View other office mortgage solutions

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.

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.

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.

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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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.