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Multi-family residential

A multi-family residential property is a building with five or more residential units. Some examples include an apartment building, townhouse or row house.

The multi-family asset class is the most popular and largest portion of commercial real estate in Canada. Inventory is plentiful, and there is a range of options to suit every type of buyer. Many buyers choose multi-family because of the consistency of revenue and occupancy, making it a less risky type of investment. With multi-family, buyers can start small and grow their portfolios as they hone their operational expertise.

First National offers several solutions to meet the diverse needs of borrowers interested in multi-family assets.

CMHC financing

Typically, CMHC-insured financing offers lower interest rates and longer amortizations, enabling borrowers to manage cash flow more effectively and realize higher returns.

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Standard Financing

Standard financing is usually considered when borrowers are acquiring a new property or refinancing an existing one and want longer-term financing with predictable payments.

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Short-term (bridge) Financing

Bridge financing addresses a borrower’s short-term needs, usually three months to three years.

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Repositioning / renovating financing

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.

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Secondary financing for multi-family residential property

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

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Development / Construction

A construction loan helps borrowers manage periodic payments for contract work during the building of a real estate asset.

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CMHC financing

Typically, CMHC-insured financing offers lower interest rates and longer amortizations, enabling borrowers to manage cash flow more effectively and realize higher returns.

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Smart risk solutions in action for multi-family

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

Loan used to repay the existing financing and the remaining balance used for real estate investment

  • $8 million
  • 50 units
  • Halifax, Nova Scotia
  • CMHC insured first mortgage
  • 5 years term, 35 years amortization
  • LTV: 85%

Providing a mortgage loan to payout the existing bridge loan used to purchase the property

  • $11 million
  • 110 units
  • Ottawa, Ontario
  • CMHC insured first mortgage loan
  • 5 years term, 40 years amortization
  • LTV: 85%

Financing the construction take-out of a multi-residential property

  • $7 million
  • 27 units
  • Victoria, British Columbia
  • CMHC Insured First Mortgage
  • 5 years term, 40 years amortization
  • LTV: 85%

Loan used to place term debt on a multi-residential building as part of purchase of the property

  • $6 million
  • 8 units
  • Toronto, Ontario
  • CMHC insured first mortgage
  • 10 years term, 40 years amortization
  • LTV: 73.3%

CMHC insured first mortgage loan used to purchase multi-residential building

  • $2 million
  • 26 units
  • Quebec City, Quebec
  • CMHC insured first mortgage
  • 5 years term, 35 years amortization
  • LTV: 82%

Loan used for the acquisition of rental townhomes

  • $7 million
  • 32 units
  • Oshawa, Ontario
  • CMHC insured first mortgage loan
  • 5 years term, 25 years amortization
  • LTV: 74%

Loan used to liberate equity for real estate investment

  • $3 million
  • 24 units
  • Halifax, Nova Scotia
  • CMHC Insured First Mortgage
  • 5 years term, 30 years amortization
  • LTV: 85%

Providing funds to refinance property and provide equity for future acquisitions

  • $9 million
  • 35 units
  • Vancouver, British Columbia
  • CMHC insured first mortgage
  • 10 years term, 30 years amortization
  • LTV: 68%

Latest resources and insights

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

Growth, Value and Risk

Article
The Bank of Canada made its third interest rate decision of 2021 and presented its new base-case projection for inflation and growth in the economy in its quarterly Monetary Report.

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Expert insights

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Even so, First National has never been more bullish about the future of the province’s multi-unit housing market and is financing local construction at a record rate. Why the paradox? Find out here.

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Borrower perspectives

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Tavish Rai, Abstract’s Chief Asset Officer and Partner, shares his perspectives about Victoria’s current evolution, Abstract’s shift in focus back to market housing and why First National’s industry knowledge and responsiveness are so valuable.

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Capital Markets update

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Neil Silverberg, Senior Analyst, Capital Markets, provides a post budget wrap-up, an overview on this week’s BoC announcement and more. Read the full commentary here.

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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.