Retail

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. The goal is usually to increase lease rates and/or reduce operating expenses to drive up the value of the property and make it eligible for standard financing.

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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 retail

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

To refinance the property and obtain equity capital for renovation business

$11.7 Million
165,528 sq. ft.
Barrie, Ontario

Loan financing
7 years term, 25 years amortization
LTV: 70%

Seeking a term loan to provide capital for the purchase of retail property

$6.8 Million
19,656 sq. ft.
London, Ontario

Conventional loan
5 years term, 25 years amortization
LTV: 60.0%

To refinance the current loan on the subject properties

$4.6 Million
57,574 sq. ft.
Woodstock/Orangeville, Ontario

Refinance
5 years term, 20 years amortization
LTV: 70%

Construction financing for the development of urban retail

$9 million
84,530 sq ft
Oakville, Ontario

Conventional construction advance
3 years term, 8 years amortization
LTV: 75%

Liberate existing debt against property to finance continued improvements on subject property

$6 million
32,542 sq ft
Milton, Ontario

CMHC refinancing first mortgage
Conventional mortgage extension
3 months term, interest only

Construction financing for the development of commercial space on subject property

$5 million
49,120 sq ft
Kitchener, Ontario

Conventional loan extension
1 year term, 8 years amortization
LTV: 65%

Provide funds required to re-lease the site and invest in further additions to subject property

$7 million
42,440 sq ft
North York, Ontario

Conventional bridge renewal
1 year term, 3 years amortization
LTV: 70%

Bridge loan used to release the closing grocery store on the property

$2 million
45,529 sq. ft.
Calgary, Alberta

Conventional bridge loan
2 years term, interest only amortization
LTV: 70%

View all recent financings

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 retail mortgage solutions

Standard financing

First National’s standard financing programs are favoured by borrowers when acquiring a new property or refinancing 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.

Secondary financing

A First National second mortgage enables borrowers to liberate property equity and use it to purchase another asset or renovate/repair an existing property.

Construction financing

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

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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.