KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers
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Our residential call centre is experiencing higher than normal wait times.

If you are a residential customer experiencing financial hardship due to COVID-19 and need to request a mortgage payment assistance, please submit a payment assistance request through My Mortgage.

If you are a commercial borrower experiencing financial hardship due to COVID-19, please email our Payments team at commercial.payments@firstnational.ca.

Be assured that we are committed to getting back to all of you who have contacted us.

Your patience is appreciated, and we thank you for your understanding.

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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.

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%

Obtaining a new CMHC insured first mortgage to pay out existing loans and for future capex

  • $41 million
  • 148 units
  • Newmarket, Ontario
  • CMHC insured first mortgage
  • 10 years term, 30 years amortization
  • LTV: 90%

Providing CMHC first mortgage used to pay out an existing construction debt

  • $41 million
  • 332 units
  • Quebec City, Quebec
  • CMHC first mortgage
  • 10 years term, 35 years amortization
  • LTV: 84%

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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.

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

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.

Learn More

Development / Construction

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

Learn More
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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.

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