First National Financial LP
seniors-housing

Bridge financing for retirement housing

 

First National’s bridge loans are ideal for borrowers who have yet to secure standard financing or who need the time and flexibility to plot a better future for their property assets.



 

Our 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 bolster their tenant roster. 

Additionally, bridge financing can be used opportunistically to give a borrower enough time to substantially rehabilitate and stabilize the property with the ultimate goal of positioning it for CMHC and/or conventional financing. 

Consistent cash flows, strong operational history as well as the borrower’s net worth and liquidity 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.

Subscribe

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 refinance the property.

  • $5.1 Million
  • 17,488 sq. ft.
  • Oakville, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 66%

To provide construction financing for the development of the multiresidential building.

  • $31 Million
  • 104 units
  • Winnipeg, Manitoba
  • CMHC insured construction to term financing
  • 24 months term for construction/lease period, 10 years thereafter
  • Interest only amortization, 25 years thereafter
  • LTV: 65%

Refinance under the Market Program

  • $6.5 Million
  • 71 units
  • Edmonton, Alberta
  • CMHC insured first mortgage
  • 5 year term, 35 years amortization
  • LTV: 64.88%

Funds to be used for capital repairs as well as future acquisitions and new construction of rental properties.

  • $46 Million
  • 135 units
  • Port Coquitlam, British Columbia
  • CMHC insured first mortgage
  • 10 year term, 25 years amortization
  •  LTV: 84.30%

The borrower is refinancing a conventional bridge loan used to purchase the subject property.

  • $27.6 Million
  • 138 units
  • Waterloo, Ontario
  • CMHC insured first mortgage
  • 10 years term, 40 years amortization
  • LTV: 64.60%

Provide financing for the property to complete the construction.

  • $27.2 Million
  • 95 units
  • Montreal, Quebec
  • Insured 1st mortgage
  • 24 months term for construction, 5/10 thereafter, Interest only amortization during construction, 40 years thereafter
  • LTV: 93.79%"

To replace the existing land financing with VanCity and to repatriate equity to cover pre-development costs leading up to construction financing.

  • $2.2 Million
  • 87 units
  • Victoria, British Columbia
  • Pre-development financing
  • 1 year term, interest only amortization
  • LTV: 50%"

This is an active developer / investor in the Halifax market who will use the equity towards their next development or acquisition.

  • $13 Million
  • 41 units
  • Dartmouth, Nova Scotia
  • 10 year term, 50 years amortization
  • MLI Select"

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 put its spin on recent economic indicators, announcing no change in its overnight policy interest rate for now.

View all

Expert insights

Article
Now that 2024 is underway and the Bank of Canada has made its first interest rate policy announcement of the year, it’s time to talk about some changes, challenges and opportunities.

View all

Borrower perspectives

Article
We spoke to Mr. McDaniel about his perspectives on rental housing, the greatest lessons he’s learned and what he values about his relationship with First National.

View all

Capital Markets update

Article
This week’s Market Commentary reviews the Canadian GDP numbers, a look at the evolution of rates for the week and the US employment numbers. Read the commentary here.

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.

Learn More: CMHC financing

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: Standard financing

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. 

Learn More: Secondary financing

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: Development / Construction

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: Asset repositioning
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.