Standard financing

First National’s standard financing programs are favoured by borrowers when acquiring a new property or refinancing an existing building. Loan terms typically range from three to five years, have a fixed interest rate, and are closed to prepayment for the term’s duration.

In addition to CMHC-insured mortgages, First National provides standard financing including conventional mortgages to enable the acquisition or refinancing of multi-family properties.

Conventional financing is an excellent option for borrowers who want different loan terms and are unable to meet CMHC requirements perhaps because their properties include a commercial component (retail or office) that exceeds the national housing agency’s criteria based on a percentage of gross floorspace and revenue composition.

Conventional financing loan terms typically range between three and five years; however, longer terms are also available.

Properties with stable cash flow and consistent operating history are favourable candidates for standard financing.

Speak to one of our empowered advisors to assess options and determine the best course of action for finding and securing a smart-risk mortgage, insured or conventional.

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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.

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.

Refinance of a construction mortgage for a 31-storey, 266-unit building with 4,751 sq. ft. of retail space

$113.4 M
266 units
London, ON

CMHC insured mortgage
5 years term, 50 years amortization
LTV: 92.91%

Construction mortgage to develop a 7-storey and 10-storey complex with 159 units

$57 M
159 units
Oakville, ON

CMHC insured mortgage
5 year term, 40 years amortization
LTV: 80%

CMHC Market refinance of an 8-storey, 157-unit building to repay the current debt and equity take-out

$31.8 M
157 units
Sainte-Jérôme, QC

CMHC insured mortgage
5 year term, 40 years amortization
LTV: 70%

Refinance through CMHC MLI Select that realized Level 1 energy efficiency and accessibility to pay out existing debt and equity takeout.

$51.5 M
197 units
London, Ontario

CMHC insured mortgage
5 years term, 40 years amortization
LTV: 85%

CMHC MLI Select refinance that achieved level 2 affordability for debt payout and equity takeout.

$186.7 M
452 units
Calgary, AB

CMHC insured mortgage
10 year term, 45 years amortization
LTV: 74.6%

Refinance of an 8-storey, 148-unit building to pay out existing mortgage and equity take-out.

$27.6 M
148 units
Sainte-Jérôme, Quebec

CMHC insured mortgage
5 year term, 40 years amortization
LTV: 69.74%

CMHC MLI Select mortgage refinancing to repay the construction loan for a newly developed 50-unit apartment.

$12.2 M
50 units
Truro, NS

CMHC insured first mortgage
5 years term, 50 years amortization
LTV: 85%

CMHC Market refinance to pay off the construction mortgage on a newly built 117-unit rental building.

$34.3 M
117 units
Montreal, QC

CMHC insured first mortgage
10 years term, 40 years amortization
LTV: 69%

View all recent financings

Latest resources and insights

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

Growth, Value and Risk

Bank of Canada brings its benchmark interest rate down 50 basis points to 3.25%

The Bank of Canada tied a bow on 2024 by cutting its policy interest rate once again today to 3.25%. This latest 50 basis point drop – coming on the heels of reductions in June, July, September and October – is welcome news.

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Expert insights

A distinctly Western Canadian view of the year in commercial real estate financing

Activity in 2024 was bifurcated. In the first half of the year, overall real estate investment activity was relatively muted as interest rates remained in restrictive territory.

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Borrower perspectives

Borrower Perspectives: Rob Piroli, President, Piroli Group

Founded in 1992 in Leamington, Ontario, Piroli Group started in general contracting (under the name of Piroli Construction) but has evolved into a multi-faceted development group.

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Capital Markets update

Market Commentary: A catch-up and overview of the markets

First National’s, Jason Ellis, provides an overview as well as an update of the markets including rates, Government announcements and changes to the Commercial mortgages. Read an overview here.

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View other multi-family mortgage solutions

CMHC financing

As Canada’s largest CMHC-approved apartment lender, we are experts in securing insured financing that offers lower interest rates, higher loan-to-value ratios, and longer amortizations. An insured mortgage enables borrowers to manage cash flow more effectively and realize higher investment returns.

Bridge financing

First National’s bridge loan terms usually range from three months to three years, include floating interest rates and allow some form of early prepayment. Borrowers choose this solution until standard financing is secured or while they contemplate a property sale, a change in ownership structure or enhance their tenant roster.

Asset repositioning

First National enables owners to access a property’s equity for a short term, typically two years or less, to fund capital improvements or repairs without the need to raise capital from personal sources or less flexible, higher-cost alternatives.

Secondary financing

A First National second mortgage enables borrowers to access property equity and use it to purchase another asset or renovate/repair their existing property.

Construction financing

A First National construction loan, whether CMHC insured or conventional, provides funds to cover the cost of building or rehabilitating a multi-family property with terms typically of three years or less.