Standard financing for retirement housing

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.

In addition to CMHC-insured mortgages, First National provides other forms of standard financing including conventional mortgages to enable the acquisition or refinancing of retirement housing properties.

Conventional financing is an excellent option for borrowers who want different loan terms and are unable to meet CMHC requirements.

Conventional loan terms typically range between three and five years; however, longer terms are also available, have a fixed interest rate and are closed for prepayment for the term’s duration.

Properties with strong cash flow and stabilized operations are favourable candidates. The borrower’s experience as an operator is also a critical loan consideration.

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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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 refinance that achieved level 3 energy efficiency to payout existing conventional construction mortgage and equity takeout

$128.9 M
400 units
Montréal, QC

CMHC insured mortgage
10 years term, 50 years amortization
LTV: 72%

Refinance to provide equity take-out for future acquisitions on a mortgage-free retirement residence

$40.3 M
165 units
Kelowna, BC

CMHC insured mortgage
10 years term, 30 years amortization
LTV: 85%

CMHC Market refinance of a free and clear retirement residence to provide equity take-out for working capital

$47.4 M
169 units
Kelowna, BC

CMHC insured mortgage
10 years term, 30 years amortization
LTV: 85%

Refinance of a free and clear retirement residence to provide equity take-out for improvements and acquisitions

$44.1 M
158 units
Penticton, BC

CMHC insured mortgage
10 years term, 30 years amortization
LTV: 85%

Refinance of a construction loan for a 4-storey, 180-unit retirement home.

$51 Million
180 units
Calgary, Alberta

CMHC insured first mortgage
10 years term, 35 years amortization
LTV: 82%

Funds to be used for capital repairs as well as future acquisitions and new construction of rental properties.

$46 Million
135 units
Port Coquitlam, British Columbia

CMHC insured first mortgage
10 year term, 25 years amortization
LTV: 84.30%

To facilitate construction financing of a seven-story apartment

$26 Million
198 units
Sainte-Adele, Quebec

CMHC financing
3 years term, amortization Interest only
LTV: 84.90%"

Funds will be used by the borrower to payout the construction debt maturing

$85.3 Million
564 units
Terrebonne, Quebec

CMHC insured first mortgage loan
5 years term, 25 years amortization
LTV: 70%

View all recent financings

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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.

Short-term (bridge) financing

First National’s 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 buying time to complete an operational improvement.

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 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.