First National Financial LP
office

Standard financing for office properties

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.

First National’s standard financing programs are ideally suited for borrowers who are acquiring a new property or refinancing an existing one and want longer-term financing. 

Standard financing terms are typically five years (shorter and longer options are available), feature a fixed interest rate and are usually closed to prepayment for the term’s duration. 

Properties with stable cash flow and consistent operating history are favourable candidates for standard financing. For office assets, this can mean properties that are fully or nearly fully leased, have a majority of tenants on long-term leases and display a history of strong tenancy. 

For longer loan terms (be it 10 or more years), long-term leases that align with mortgage maturity are considered highly desirable. 

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.

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

The Bank of Canada tied a bow on 2024 by cutting its policy interest rate once again today to 3.25%. This latest 50 basis point drop – coming on the heels of reductions in June, July, September and October – is welcome news.

View all

Expert insights

On November 15, 2024, First National was notified of updates to CMHC’s multi-unit insured mortgage programs. All eight updates come into effect immediately.

View all

Borrower perspectives

Founded in 1992 in Leamington, Ontario, Piroli Group started in general contracting (under the name of Piroli Construction) but has evolved into a multi-faceted development group.

View all

Capital Markets update

Article
First National’s, Jason Ellis, provides an overview as well as an update of the markets including rates, Government announcements and changes to the Commercial mortgages. Read an overview here.

View all

View other office mortgage solutions

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
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.