Financing of property repositioning and renovation for retirement housing

First National regularly assists borrowers who are ready to enhance the value of their properties through capital improvements.

This short-term financing option, usually two years or less, enables access to a property’s equity to fund capital improvements or repairs and eliminates the need to raise funds from personal sources or less flexible, higher-cost alternatives. The goal is usually to increase rents and/or reduce operating expenses to increase the value of the property and make it eligible for standard financing.

The borrower’s expertise, net worth, and liquidity, as well as property location and quality are key considerations for this type of financing.

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.

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.

CMHC insured financing for an acquisition of a newly constructed 90 townhouse project

$25.3 Million
90 units
Edmonton, AB

CMHC insured mortgage
10 year term, 40 year amortization
LTV: 85%

Refinance of unencumbered property containing 308 units, to be used for capital repairs

$40 Million
320 units
Toronto, ON

CMHC insured mortgage
10 year term, 25 years amortization
LTV: 49%

Senior Retirement residence with 109 units - CMHC insured mortgage to convert construction facility to term loan

$32.5 Million
109 units
Georgetown, ON

CMHC insured mortgage
10 years term, 40 years amortization
LTV: 79.5%

Completion take out of 4 storey podium level of 25 storey tower

$28.7 Million
77 units
Coquitlam, BC

CMHC insured mortgage
5 years term, 45 years amortization
LTV: 83.73%

Refinance of 144 rental units to provide funds for capital expenditures across borrowers existing portfolio as well as future acquisitions

$31.9 Million
144 units
Calgary, AB

CMHC insured mortgage
10 years term, 40 years amortization
LTV: 70%

Refinance of free and clear property to provide equity for capital expenditures across borrowers portfolio and acquisition of other properties

$63.8 Million
346 units
Toronto, ON

CMHC insured mortgage
10 year term, 30 years amortization
LTV: 95%

Construction take out of purpose built apartment building achieving Energy Efficiency through MLI Select Program

$61.4 million
163 units
Mirabel, QC

CMHC insured mortgage
5 year term, 50 years amortization
LTV: 95%

The loan proceeds were used towards paying off an existing construction mortgage

$14 Million
46 units
Ilderton, ON

CMHC insured mortgage
5 year term, 25 years amortization
LTV: 63.1%

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

On the Radar: Could Hedge Fund Leverage Spike Canadian Bond Yields Higher and Lift Mortgage Rates?

This week's “Sparks at Bank” report from the Bank of Canada now puts clear numbers on hedge funds’ footprint.

View all

Expert insights

Whatever the rhyme will be, 2026 will be complicated and timing will be key

We went from “survive until 2025” to “stay in the mix until 2026”. Now one month in, we don’t yet have a new catch phrase for 2027 (what rhymes with seven?), but you can feel things are changing.

View all

Project spotlight

The Highlands: A Community-Driven Residential Pivot in St. Thomas, Ontario

Two local developers, Jeff House and Lee Greenwood, are leading the way in mixed-use development in St. Thomas, Ontario.

View all

Capital Markets update

On the Radar: The Supreme Court Just Struck Down Trump’s Tariffs. What Does It Mean For Canadian Mortgage Rates?

On February 20, the Supreme Court ruled that the International Emergency Economic Powers Act does not give the president the authority to impose tariffs.

View all

View other seniors mortgage solutions

CMHC financing

As a CMHC-approved lender, we are experts in securing insured financing that offers lower interest rates and longer amortizations. An insured mortgage enables borrowers to manage cash flow more effectively and realize higher investment returns.

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.

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.

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.

Development / Construction

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