KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers
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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 commercial.payments@firstnational.ca.

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.

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mixed-use

Mixed-use

Short-term (bridge) financing

Bridge financing addresses a borrower’s short-term needs, usually three months to three years. Some borrowers choose bridge financing when they need flexibility to decide about the future of an asset (i.e. contemplating a sale, impending change in ownership structure or operational planning) or time to coordinate a standard financing option.

For mixed-use assets, short-term financing may be a strategic solution if many of the property’s leases are approaching maturity.

The flexibility enables the borrower to negotiate new leases or acquire new tenants, ultimately positioning the property more positively for standard financing.

Bridge financing typically includes floating interest rates and usually allows some form of early prepayment. Consistent cash flows and strong operational histories are key considerations for this type of financing.

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Economic and political developments – both in Canada and globally – can impact the commercial real estate market. First National experts follow these trends closely and provide honest, real and professional perspectives into what they could mean for your portfolio.

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Smart risk solutions in action for mixed-use

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

Provide funds to construct a mixed-use six-storey development

  • $69 million
  • 207 units
  • Victoria, British Columbia
  • CMHC insured affordable flex first mortgage
  • 10 years term, 40 years amortization
  • Residential LTV: 90%, Commercial LTV: 69%

Refinancing existing debt and an operating line used in construction expansion

  • $5 million
  • 9,445 sq. ft.
  • Kitchener, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 69%

A bridge loan to facilitate the purchase of the condo building

  • $4 million
  • 21 units
  • Edmonton, Alberta
  • First mortgage bridge financing
  • 2 years terms, interest only amortization
  • LTV: 53%

Providing funds to payout existing construction loan on a mixed-use property

  • $30 million
  • 75 units
  • Vancouver, British Columbia
  • CMHC insured affordable flex first mortgage
  • 10 years term, 35 years amortization
  • Residential LTV: 73%, Commercial LTV: 70%

Providing construction financing development and road work

  • $5 million
  • 50,075 Sq. ft.
  • Kitchener, Ontario
  • Construction financing loan
  • 2 years term, 25 years amortization
  • LTV: 63%

Loan for refinancing of mixed-use property

  • $97 Million
  • 300 units
  • Halifax, Nova Scotia
  • 10 years term and 35 years amortization
  • Loan to value: 83.8%
  • To fund an additional CMHC insured loan and shall rank pari passu with the mortgage

Funding for occupancy permits and rental achievement conditions

  • $2 Million
  • 80 units
  • Halifax, Nova Scotia
  • CMHC insured First Mortgage on the subject property
  • Mixed-use commercial building with 80 multi-family rental units
  • Commercial space is expected to be demised into 4-5 tenants

Financing land and improvements

  • $17 Million
  • 87 units
  • Vancouver, British Columbia

Latest resources and insights

Original perspectives and personal viewpoints on developments and industry trends in commercial real estate.

Growth, Value and Risk

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The Bank of Canada made its first interest rate decision of 2021 and presented its latest base-case projections for inflation and growth in the Canadian economy as part of its quarterly Monetary Policy Report.

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Expert insights

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Here at First National, the year has started very quickly. After recording tremendous growth in 2020, we have set our sights on doing even more this year.

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Borrower perspectives

We spoke to Alain Grandmaison about his view of the industry impacts resulting from COVID-19, whether or not Junic has altered its vision for growth and why First National is a great fit for the new generation of developers.

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Capital Markets update

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This week’s Market Commentary provides an update on rates and curves, CHT Issuance levels and more. Read it here.

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View other mixed-use mortgage solutions

Standard Financing

Standard financing offers a term of five years or more, a fixed interest rate and is typically closed to prepayment for the term’s duration.

Learn More

Repositioning / Renovating

This short-term financing option enables access to a property’s equity for improvements, renovations or repairs, eliminating the need to raise funds from personal sources.

Learn More

Secondary financing

Second mortgages are often used to access equity in a property when a borrower wants to purchase another asset or renovate/repair a property.

Learn More

Development / Construction

Construction financing is available for condominiums, retail, office, industrial, retirement and purpose-built apartments. 

Learn More
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Sign up for Market updates

Economic and political developments – both in Canada and globally – can impact the commercial real estate market. First National experts follow these trends closely and provide honest, real and professional perspectives into what they could mean for your portfolio.

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