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 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.

Close

office

Office

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.

For office assets, short-term financing may be a strategic solution if many of the property’s leases are approaching maturity.

The flexibility enables the borrower to negotiate new leases or acquire new tenants, ultimately positioning the property more positively for standard financing.

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.

Sign up for Market updates

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.

Subscribe

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.

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%

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

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.

View all

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.

View all

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.

View all

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.

View all

View other office mortgage solutions

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.

Learn More

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.

Learn More

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.

Learn More

Development / Construction

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

Learn More
city

Sign up for Market updates

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.

SUNPFNWEB06