Secondary financing for retirement housing

First National’s second mortgages are smart risk solutions that enable borrowers to access capital and avoid penalties associated with breaking a first mortgage mid term.

Secondary financing is an attractive alternative to refinancing as it provides access to property equity that can be used to purchase another asset or renovate/repair an existing property. Borrowers with a first mortgage may be eligible for secondary financing on the same property.

A strong operational history, property quality and location, as well as the borrower’s liquidity and net worth are key considerations for this type of financing.

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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

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Season’s Greetings from your First National team in Atlantic Canada

With the holiday season now upon us, I want to express my sincere appreciation to you for choosing to work with First National.

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First National helps secure milestone acquisition for Tikva Housing and Rental Protection Fund in Richmond, BC

As Canada continues to grapple with a severe affordable housing crisis, we are seeing unique and creative partnerships and financing structures emerge – offering a very promising path forward.

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On the Radar: Does the Strong U.S. Jobs Report Mean Higher-for-Longer Canadian Mortgage Rates?

The January U.S. employment report beat expectations on almost every front.

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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.

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.

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.

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.

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.