Now that we are a few days into 2022, I want to take this opportunity to update you on developments at First National.
As an essential business, we are back to work and eager to build on last year’s momentum. But with another wave of COVID-19 bearing down on our markets, the physical return to our offices across Canada is delayed. This is disappointing on many levels and especially so since it forced us to abandon our national sales conference in Montréal – our first in-person meeting in two years.
However, physical distance has not and will not stop progress. First National has significant capital to deploy in commercial property projects – including construction – and big growth targets to meet.
Two developments that we are particularly excited about are:
- MLI Select, the new CMHC program launching March 7, 2022 to incent construction and preservation of affordable housing, is a game-changing product that offers up to 50-year amortizations, substantially discounted insurance premiums and loan to cost/loan to value ratios of up to 95%
- Core Conventional, First National’s term loan program for high-quality industrial, multi-family, retail and office is now celebrating its first anniversary with commitments to fund property acquisitions, equity takeouts, refinancings and construction projects from coast to coast and substantially more funds to deploy in 2022
In my 30 years of commercial lending, I can’t recall a period that rivals today in financing choice and depth of liquidity. It’s also a time of unprecedented challenges brought on by pandemic lockdowns, supply chain disruptions, inflation, and for our British Columbia team, recent climate events.
As a non-bank lender, First National’s independence makes us your ideal ally in this environment. Our team of empowered advisors will dispassionately assess every financing option available, recommend the best solution based on careful analysis, build your business case and fund on the terms and timing that work for you. More than this, we will share market intelligence to help you prepare for the journey ahead.
You chose First National for those very reasons and I’m proud of the meaningful progress made in 2021 to grow our team across the country, expand our knowledge and ready ourselves to serve you at this important point in the market cycle.
Based on last year’s momentum, First National’s commercial mortgage book is on track to surpass $40 billion shortly. Our celebration of that milestone will take on special meaning because we reached this record with you.
On behalf of my 1,600 colleagues at First National, I thank you for your business and wish you a healthy, prosperous and joyous 2022.