Standard financing for student housing properties

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

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

The 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 histories 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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Smart risk solutions in action for student housing

See how we’ve applied our financing products innovatively to help student housing 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.

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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.

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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 student housing mortgage solutions

CMHC financing

As a deeply experienced 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.

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 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 student housing property with terms typically of three years or less.