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

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. 

Image of office buildings

Subscribe to our Recent Financings newsletter

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 seniors

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

Refinancing the property’s existing debt and providing liquidity for future real estate developments

  • $37 million
  • 291 units
  • Longueuil, Quebec
  • CMHC Insured Refinance First Mortgage Loan
  • 5 years term, 35 years amortization
  • LTV: 85%

Financing the purchase of the retirement residence property

  • $7 million
  • 82 units
  • Belleville, Ontario
  • Conventional First Mortgage Loan
  • 5 years term, 25 years amortization
  • LTV: 70%

Providing CMHC financing on a seniors residence with a maturing loan

  • $10 million
  • 89 units
  • Fredericton, New Brunswick
  • CMHC Insured First Mortgage Loan
  • 10 years term, 25 years amortization
  • LTV: 85%

Obtaining a new CMHC insured first mortgage to pay out existing loans and for future capex

  • $41 million
  • 148 units
  • Newmarket, Ontario
  • CMHC insured first mortgage
  • 10 years term, 30 years amortization
  • LTV: 90%

Providing CMHC first mortgage used to pay out an existing construction debt

  • $41 million
  • 332 units
  • Quebec City, Quebec
  • CMHC first mortgage
  • 10 years term, 35 years amortization
  • LTV: 84%

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%

Latest resources and insights

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

Growth, Value and Risk

Article
The Bank of Canada made its first interest rate decision of 2021 and presented its latest base-case projections for inflation and growth in the Canadian economy as part of its quarterly Monetary Policy Report.

View all

Expert insights

Article
Jeremy Wedgbury was on a panel at the RealCapital Conference yesterday discussing the growth of alternative lenders. Here are his key takeaways.

View all

Borrower perspectives

Article
In 2018, we spoke to Gord McMehen from Conundrum to get his perspectives on our 30th anniversary. We recently sat down with him to get an update on his business as well as his relationship with First National that is now more than 30 years old.

View all

Capital Markets update

Article
This week's Market Commentary by Neil Silverberg looks at the changes in yield curves this week. Read about it here.

View all

View other seniors 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

Short-term (bridge) financing

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

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
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