In addition to CMHC-insured mortgages, First National provides other forms of standard financing including conventional mortgages to enable the acquisition or refinancing of retirement housing properties.
Conventional financing is an excellent option for borrowers who want different loan terms and are unable to meet CMHC requirements.
Conventional loan terms typically range between three and five years; however, longer terms are also available, have a fixed interest rate and are closed for prepayment for the term’s duration.
Properties with strong cash flow and stabilized operations are favourable candidates. The borrower’s experience as an operator is also a critical loan consideration.
Speak to one of our empowered advisors to assess options and determine the best course of action for finding and securing a smart-risk mortgage, insured or conventional.