First National Financial LP
seniors-housing

Seniors housing

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. Borrowers with a first mortgage may be eligible for secondary financing on the same property. Options include standard or short-term financing as well CMHC or conventional. Secondary financing is an attractive alternative to refinancing, especially if a borrower wants to avoid the penalties associated with breaking a mortgage mid term.

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.

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.

Growth, Value and Risk

Article
The Bank of Canada made its second policy decision of 2023. After eight consecutive increases stretching back to March 2022, the Bank finally held its overnight rate steady at 4.50%.

View all

Expert insights

Article
Economic headwinds caused by inflation, interest rates and supply chain shortages continue to make for a uniquely challenging environment here in the first week of March 2023.

View all

Borrower perspectives

Article
We spoke to Scott about his perspectives on how the pandemic has impacted the industry, Elevate’s vision for growth, the company’s priorities heading for 2022/2023 and why he finds First National’s integrity and openness empowering.

View all

Capital Markets update

Article
An overview of what’s happening in the market from Paul Uffelmann, Director, on our capital markets team.

View all

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. 

Learn More

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. 

Learn More

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.

Learn More

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.

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.