First National Financial LP
seniors-housing

Seniors housing

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. CMHC-insured construction financing is available for purpose-built apartment buildings, retirement and affordable housing.

An exit strategy for the construction loan is one of the key considerations for funding (i.e. CMHC standard financing). Other critical considerations include the borrower’s experience in real estate development. 

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To facilitate construction financing of a seven-story apartment

  • $26 Million
  • 198 units
  • Sainte-Adele, Quebec
  • CMHC financing
  • 3 years term, amortization Interest only
  • LTV: 84.90%"

Funds will be used by the borrower to payout the construction debt maturing

  • $85.3 Million
  • 564 units
  • Terrebonne, Quebec
  • CMHC insured first mortgage loan
  • 5 years term, 25 years amortization
  • LTV: 70%

Internal refinance to proceed with renovations on the building.

  • $7.3 Millon
  • 93 units
  • Montreal, Quebec
  • CMHC insured first mortgage loan
  • 5 years term, 35 years amortization
  • LTV:85%



Refinance first and second mortgage loan to the property for future investment

  • $12 Million
  • 103 units
  • Baie-D'Urfe, Quebec
  • CMHC insured first mortgage loan
  • 5 years term, 25 years amortization
  • LTV: 59.96%

To provide a loan that will repay the current loan on the property

  • $13.7 Million
  • 144,000 sq. ft.
  • Edmonton, Alberta
  • CMHC insured first mortgage loan
  • 10 years term, 30 years amortization
  • LTV: 89.3%

Funds used for capital repairs on the subject property

  • $24.3 Million
  • 163 units
  • Georgetown, Ontario
  • CMHC insured first mortgage loan
  • 5 years term, 25 years amortization
  • LTV: 85%

Funds to refinance the existing debt

  • $12 Million
  • 92 units
  • Maple Ridge, British Columbia
  • CMHC insured first mortgage
  • 5 years term, 25 years amortization
  • LTV: 75%

Refinancing existing liabilities to enable further renovation of subject property

  • $7 million
  • 64 units
  • Cote Saint-Luc, Quebec
  • CMHC refinancing first mortgage
  • 3 years term, 35 years amortization
  • LTV: 79%
 

Latest resources and insights

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

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View other seniors mortgage solutions

Standard financing

First National’s standard financing programs are favoured by borrowers who are 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. 

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Short-term (bridge) financing

First National’s bridge loan terms typically 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 buying time to complete an operational improvement. 

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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.

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Secondary financing

A First National second mortgage enables a borrower to access the equity in a property and use it to purchase another asset or renovate/repair a property in their existing portfolio. 

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