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.

Loan used to repatriate additional equity from the current property

  • $7 million
  • 283 units
  • Sainte-Marie, Quebec
  • CMHC Insured Pari Passu First Mortgage
  • 5 years term, 27 years amortization
  • LTV: 41%

Refinancing the current loan and the existing line of credit on the property

  • $46 million
  • 236 units
  • St-Bruno-de-Montarville, Quebec
  • CMHC insured first mortgage
  • 10 years term, 35 years amortization
  • LTV: 84%

Providing a CMHC mortgage loan to finance the purchase of the property

  • $20 million
  • 238 units
  • Trois-Rivières, Quebec
  • CMHC insured first mortgage loan
  • 10 years term, 35 years amortization
  • LTV: 85%

Financing the buyout of the current partner

  • $20 million
  • 167 units
  • Greely, Ontario
  • Conventional first mortgage
  • 3 years term, 25 years amortization
  • LTV: 70%

Paying out existing construction loan and provide additional cost for the development of the retirement residence

  • $15 million
  • 77 units
  • Nanaimo, British Columbia
  • Conventional first construction mortgage
  • 2 years term, interest only amortization
  • LTV: 54%

Obtaining a new CMHC mortgage to replace a construction mortgage

  • $48 million
  • 102 units
  • Uxbridge, Ontario
  • CMHC insured first mortgage loan
  • 10 years term, 25 years amortization
  • LTV: 85%

Take assignment of an existing CMHC insured first mortgage

  • $12 million
  • 194 units
  • Saguenay, Quebec
  • CMHC Insured First Mortgage
  • 5 years terms, 15 years amortization
  • LTV: 43%

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%

Latest resources and insights

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

Growth, Value and Risk

Article
All eyes were on the Bank of Canada this morning as it made its fifth interest rate decision of 2021. Read about it here.

View all

Expert insights

Article
Thomas Kim, Vice President and Managing Director of Capital Markets reviews the changes in yields this week.

View all

Borrower perspectives

Article
We spoke to Joe about how he continues to adapt in year two of the pandemic, his vision and key priorities for growth, and how First National supports his ambition and continued growth.

View all

Capital Markets update

Article
Neil Silverberg, Senior Analyst, Capital Markets, reviews what happened over the last few weeks in the market, how the market reacted and what it means for you. Read the full commentary 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

Development / Construction

Construction financing is available for condominiums, retail, office, industrial, retirement and purpose-built apartments. 

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.