Seniors housing

Short-term (bridge) financing

Bridge financing addresses a borrower’s short-term needs, usually three months to three years. Some borrowers choose bridge financing when they need flexibility to decide about the future of an asset (i.e. contemplating a sale, impending change in ownership structure or operational planning) or time to coordinate a standard financing option. Bridge financing typically includes floating interest rates and usually allows some form of early prepayment. Consistent cash flows and strong operational histories are key considerations for this type of financing.

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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.

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%

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

Bank of Canada maintains its benchmark interest rate to 4.50%

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%.

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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.

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.

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.

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.

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