To our valued customers and investors,
First National has taken the steps necessary to protect our employees and support initiatives to limit the spread of COVID-19.
On March 16th, approximately 90% of our commercial team began working from home. Thanks to our technology backbone and business continuity program, we are well prepared and equipped to operate remotely while still maintaining normal service levels. We have great confidence in our ability to work together at the highest level, notwithstanding the strain on our system.
We continue to actively work on the closings of our extensive pipeline of insured and conventional loans and despite turmoil in financial markets, we are operating as normal. We do note, however, that the bond markets are not operating as normal. As such, our hedging for rate fixing has become more expensive and, in some cases, unavailable. For now, we are limiting rate locks to 30 days from funding and we will continue to monitor the situation.
On the new business front, quoting on insured and conventional loans is uninterrupted. Our pipeline of 5-year and 10-year insured loans is extensive and, with this in mind, we are monitoring supply/demand metrics to ensure we are in balance. We can confirm that we do have insured term and construction funds available and you should speak to your First National
advisor on your upcoming deals.
Conventional funds are also well supplied and recent movements in the Bank Rate will provide great savings on both new construction and bridge loans. We appreciate your support in these difficult times. Our team is available by phone or email to answer any questions that you may have about your existing loans or new business.