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 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.

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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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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%

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%

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

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.

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
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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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