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.

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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.

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%

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%

Latest resources and insights

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

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Borrower perspectives

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Capital Markets update

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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.

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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.

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Development / Construction

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

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