KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers
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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 deferral, please submit a payment deferral 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.

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Seniors housing

A seniors housing is a multi-residence property designed specifically for senior citizens. While there is a housing element to the property, there are also other amenities including kitchen/dining room, recreational spaces and health/hospice care. Examples of this type of asset include retirement homes, nursing homes and long-term care facilities.

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.

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Short-term (bridge) financing

Bridge financing addresses a borrower’s short-term needs, usually three months to three years.

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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.

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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.

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Development / Construction

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

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Smart risk solutions in action for seniors

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

Obtaining a new CMHC insured first mortgage to be used for future capex and acquisitions

  • $29 million
  • 131 units
  • Oakville, Ontario
  • CMHC insured first mortgage
  • 10 years term, 25 years amortization
  • LTV: 78%

Providing funds to pay out the existing construction financing loan

  • $15 million
  • 89 units
  • Picton, Ontario
  • Conventional first mortgage loan
  • 18 months term, interest only amortization
  • LTV: 61%

Providing funds to finish renovations to the property

  • $9 million
  • 105 units
  • Toronto, Ontario
• Conventional first mortgage
• 10 years term, 25 years amortization
• LTV: 70%

To refinance existing second mortgage construction loan and for future developments

  • $27 million
  • 332 units
  • Quebec City, Quebec
  • Conventional second mortgage
  • 12 months, 25 years
  • LTV: 63%

Topping up second mortgage to provide capital for future capex

  • $2 million
  • 23,504 Sq. ft.
  • Edmonton, Alberta
  • CMHC insured first mortgage loan
  • 20 months term, 16 years amortization
  • LTV: 66%

Refinancing to have capital for repairs and other investments

  • $1 million
  • 27,071 Sq. ft.
  • Longueuil, Quebec
  • CMHC insured first mortgage loan
  • 5 years term, 25 years amortization
  • LTV: 66%

Providing funded needed to complete the construction of the second phase of the retirement community

  • $15 million
  • 131 units
  • Montreal, Quebec
  • Conventional construction loan
  • 36 months term, interest only amortization
  • LTV: 75%

Provide second rank purchase financing

  • $3 million
  • 347, 341 Sq. ft.
  • Sorel-Tracy, Quebec
  • Conventional second mortgage
  • 3 years, 8 months co-terminus with expiry of the of the first Mortgage loan
  • LTV: 76%

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.

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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.

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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.

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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.

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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.

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