Standard financing for student housing properties

In addition to CMHC-insured mortgages, First National provides other forms of standard financing including conventional mortgages to enable the acquisition or refinancing of student housing properties.

Conventional financing is an excellent option for borrowers who want different loan terms and are unable to meet CMHC requirements.

The conventional financing loan terms typically range between three and five years; however, longer terms are also available.

Properties with stable cash flow and consistent operating histories are favourable candidates for standard financing.

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.

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Smart risk solutions in action for student housing

See how we’ve applied our financing products innovatively to help student housing borrowers achieve their goals with performance and value.

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%

The loan proceeds were applied to repay an existing construction mortgage

$12.3 Million
35 units
Bridgewater, NS

CMHC insured mortgage
5 year term, 50 years amortization
LTV: 95%

CMHC-insured market mortgage used to retire an existing mortgage, with no equity takeout

$19.1 Million
94 units
Mississauga, ON

CMHC insured mortgage
5 years term, 40 years amortization
LTV: 63%

A CMHC-insured MLI Select Pari Passu loan to replace an existing construction mortgage

$24.9 Million
107 units
Kitchener, ON

CMHC insured mortgage
5 years term, 50 years amortization
LTV: 87%

Construction financing to build 5-storey and 6-storey rental apartment buildings, consisting of 195 units

$72.2 Million
195 units
Kelowna, BC

CMHC insured mortgage
10 years term, 50 years amortization
LTV: 90.5%

The purpose of the loan is to pay out an existing first mortgage and provide equity take out for capital improvements

$12.1Million
29 units
Sooke, BC

CMHC insured mortgage
5 year term, 40 years thereafter
LTV: 84.8%

The loan was used to pay off an existing construction mortgage

$91.6 Million
134 units
Toronto, ON

CMHC insured first mortgage
10 years term, 50 years amortization
LTV: 91.1%

CMHC MLI Select refinance that achieved level 3 energy efficiency to payout existing conventional construction mortgage and equity takeout

$128.9 Million
400 units
Montréal, QC

CMHC insured mortgage
10 years term, 50 years amortization
LTV: 72%

View all recent financings

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View other student housing mortgage solutions

CMHC financing

As a deeply experienced 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.

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 enhance their tenant roster.

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 borrowers to access property equity and use it to purchase another asset or renovate/repair their existing property.

Construction financing

A First National construction loan, whether CMHC insured or conventional, provides funds to cover the cost of building or rehabilitating a student housing property with terms typically of three years or less.