KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers

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

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.


Deploying capital and sustaining growth: leveraging CMHC’s enhancements to construction financing policies

  • First National Financial LP

First National has a long history of supporting our clients’ construction strategies. We have been active nationally in providing both insured and conventional construction financing to help clients build and develop.

Recently, we’ve seen a growing trend toward development/construction as a capital deployment strategy. Many seasoned owners that we work with are facing significant challenges when looking to expand their portfolios. With today’s low cap rates, generating returns is more difficult. Competition is intense, and good quality acquisitions are harder to find.

Many owners are shifting their mindsets away from pure acquisition strategies to consider development as a way to deploy capital and sustain growth. They may be contemplating new sites or have excess land that offers an opportunity to intensify.

CMHC aims to stimulate rental apartment construction
Recently, CMHC introduced several enhancements to its affordable construction financing policies, making it even more attractive for owners that are looking to expand their expertise into development.

The new program mandates that gross rental income cannot exceed 90 per cent of market rent and offers several attractive advantages for prospective developers including:

  • Loan amounts up to 95 per cent of the cost of construction (typical conventional construction amounts typical fall between 75 to 80 per cent of construction costs)
  • Eliminate the need to provide personal or corporate guarantees for term financing
  • Premiums that are significantly discounted
  • Lower interest rate costs than conventional financing

Trust the CMHC experts
As a recognized leader and innovator in CMHC financing in Canada, First National has a strong reputation for creating tailored programs that leverage the advantages of CMHC policy enhancements.

Our focus is to evaluate policy changes from our clients’ perspectives and identify the opportunities that we can uncover with them in mind.

Many borrowers believe that the administrative requirements associated with CMHC financing are too cumbersome or complex. So they often choose conventional financing, sacrificing rate advantages for perceived simplicity.

However, we focus on creating turnkey solutions that translate CMHC advantages into action – transforming any possible complexity into simple, pragmatic approaches that help clients improve their rates of return.

With these latest construction financing policy enhancements from CMHC, in addition to our conventional construction financing products, First National is strategically positioned to act as a full-service advisor for you – helping you capitalize on the advantages associated with development and translate them into greater investment returns.  Please contact your advisor with any questions you may have.