Bridge financing for retirement housing

First National’s bridge loans are ideal for borrowers who have yet to secure standard financing or who need the time and flexibility to plot a better future for their property assets.

Our bridge loan terms typically 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 bolster their tenant roster.

Additionally, bridge financing can be used opportunistically to give a borrower enough time to substantially rehabilitate and stabilize the property with the ultimate goal of positioning it for CMHC and/or conventional financing.

Consistent cash flows, strong operational history as well as the borrower’s net worth and liquidity are key considerations for this type of financing.

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.

Smart risk solutions in action for seniors

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

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%

Non-recourse first mortgage under CMHC Market to extract equity for improvements to other properties.

$10.8M
69 units
Dartmouth, NS

CMHC insured first mortgage
10 years term, 35 years amortization
LTV: 65%

CMHC MLI Select construction loan for developing an 83-unit purpose-built rental apartment.

$51.5M
86 units
Saugeen Shores (Port Elgin), Ontario

CMHC insured first mortgage
5 years term, 50 years amortization
LTV: 92%

CMHC MLI Select refinancing to pay off the existing mortgage and extract equity for property upgrades and future investments

$51.5 M
116 units
London, ON

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

Construction mortgage for the development of 116 stacked townhomes

$61.8 M
197 units
Toronto, ON

CMHC insured first mortgage
10 years term, 40 years amortization
LTV: 71%

Refinance to pay out of an existing mortgage and a credit facility secured by the borrower's real estate portfolio

$3.9 M
25 units
Iqaluit, NU

CMHC insured first mortgage
10 years term, 40 years amortization
LTV: 65.1%

Refinance of an existing mortgage and equity extraction for capital repairs for other rental properties

$3.6 M
54 units
Ottawa, ON

CMHC insured mortgage
10 years term, 40 years amortization
LTV: 32%

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 reduces its policy interest rate for the fourth time in 2024

In a decision sure to be cheered by property owners and businesses far and wide, the Bank of Canada today reduced its policy interest rate for the fourth time in 2024.

View all

Expert insights

Jeremy Wedgbury’s fall 2024 update and commercial market outlook

As we head into the final two months of 2024, it’s becoming clear that the market is gearing up for better times ahead on the back of four Bank of Canada rate reductions since June including last week’s 50 basis point cut.

View all

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.

View all

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.

View all

View other seniors mortgage solutions

CMHC financing

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

Standard financing

First National’s standard financing programs are favoured by borrowers who are 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.

Secondary financing

A First National second mortgage enables a borrower to access the equity in a property and use it to purchase another asset or renovate/repair a property in their existing portfolio.

Development / Construction

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

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.