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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Office

Standard Financing

Properties with stable cash flow and consistent operating histories are favourable candidates for standard financing. For office assets, this can mean properties that are fully or nearly fully leased, have a majority of tenants on long-term leases and can display a consistent history of strong tenancy.

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.

Standard financing is usually considered when borrowers want the payment predictability that comes with a fixed interest rate. However, it is important to note that a typical conventional financing term for an office asset is five years. Longer terms are available, but there is often greater scrutiny on future cash flows. Borrowers must be able to show that longer-term leases (i.e. maturing in 10 years or more) are in place for the duration of the mortgage term.

Commercial Mortgage Backed Securities (CMBS): CMBS is a conventional financing solution available for first mortgages on established, stabilized properties (generally three or more years of stable operating history). This type of financing works well for properties with in-place, stabilized net cash flow.

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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 office

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

Construction financing for an eight level office building

  • $75 million
  • 137,800 sq. ft.
  • Vancouver, British Columbia
  • Conventional first construction mortgage
  • 3 terms years, interest only amortization
  • LTV: 48%

Provide acquisition financing for office building for purchase

  • $7 million
  • 27,911 sq. ft.
  • Bolton, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 67%

Provide a 5 year term loan for refinancing and recuperating equity invested in CAPEX

  • $4 million
  • 14,939 sq. ft.
  • Montreal, Quebec
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 72%

Providing funds required to refinance the current loan and provide funds for future capital expenditures

  • $4 million
  • 198,093 sq. ft.
  • Windsor, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 48%

Facilitating the purchase of the property contracted for sale

  • $4 million
  • 15,110 Sq. ft.
  • Toronto, Ontario
  • First mortgage loan
  • 5 years term, 25 years amortization
  • LTV: 57%

Purchase property to be converted into a commercial plaza

  • $8 million
  • 87,415 Sq. ft.
  • Oakville, Ontario
  • First mortgage construction loan
  • 24 months term, interest only

Refinancing an existing First National loan and providing additional funds

  • $20 million
  • 54,846 Sq. ft.
  • London, Ontario
  • 24 months term
  • Construction LTV: 80%
  • Constuction loan - Conventional First Mortgage

Conventional first mortgage loan on multiple properties

  • $117 million
  • 1,253,709 Sq. ft.
  • Toronto, Ontario
  • Conventional First Mortgage
  • 13 commercial properties with a combined 1,253,709 Sq. ft of leasable are
  • 3 years term, interest only amortization
  • LTV: 76%

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 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 office mortgage solutions

Short-term (bridge) Financing

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

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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