CMHC financing for multi-family properties

First National is Canada’s largest CMHC-insured lender in the apartment industry. That means we are experts in understanding all relevant CMHC programs and incentives and securing insured financing that offers borrowers significant financial and strategic benefits.

Mortgage loan insurance enables borrowers to purchase or refinance multi-family residential properties with competitive features including lower down payments and interest rates.

Additionally, CMHC-insured financing offers various loan terms, higher loan-to-value ratios, and longer amortizations. All of these advantages support cash flow goals and investment returns.

This makes our insured programs the most popular choice for multi-family property owners who rely on us to advise them of how to meet CMHC MLI Select program requirements for affordability, energy efficiency and/or accessibility to successfully complete the application process.

We also provide full support and expertise to borrowers seeking CMHC multi-family construction loans.

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.

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 multi-family

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

The loan purpose is to refinance an existing mortgage and provide equity take out for capital improvements and construct a new multi-family property.

$3.5 Million
12 units
Montreal, Quebec

• CMHC insured first mortgage loan
• 5 year term, 50 years amortization
• LTV: 63.59%

Purpose of the loan is to refinance an existing construction mortgage.

$1.6 Million
8 units
Edmonton, Alberta

• CMHC insured first mortgage loan
• 10 year term, 50 years amortization
• LTV: 82.38%

The loan purpose is to refinance an existing construction mortgage.

$12.4 Million
24 units
Campbell River, British Columbia

CMHC insured MLI Select - 100 Points (Energy Efficiency) first mortgage loan
10 year term, 50 years amortization
LTV: 68.47%

To refinance an existing construction mortgage.

$15.4 Million
60 units
Halifax, Nova Scotia

CMHC insured first mortgage loan
10 year term, 50 years amortization
LTV: 87%

To refinance an existing mortgage and pay down another existing credit facility secured by multiple assets.

$7.4 Million
30 units
Iqualit, Nunavut

CMHC first mortgage loan
5 year term,
40 years amortization
LTV: 75%
DSC: 1.91x

To refinance an existing mortgage and provide equity take out for capital improvements.

$ 5 Million
14 units
Montreal, Quebec

CMHC insured first mortgage loan
5 year term,
50 years amortization
LTV: 80.65%
DSC: 1.37x

To provide financing to purchase a low-rise multi-family building.

$10.4 Million
96 units
Miramichi, New Brunswick

CMHC insured first mortgage loan
5 year term,
40 years amortization
LTV: 95%
DSC: 1.10x

To refinance the property.

$5.1 Million
17,488 sq. ft.
Oakville, Ontario

Conventional first mortgage
5 years term, 25 years amortization
LTV: 66%

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

First National comments on key CMHC policy enhancements

This week, CMHC advised the market of several important policy updates and refinements designed to support multi-unit housing development across Canada.

View all

Expert insights

Jeremy Wedgbury’s spring market and business update

The first quarter of 2024 was the most active opening period in First National’s history as a commercial lender.

View all

Borrower perspectives

Borrower Perspectives: Clark McDaniel, Williams and McDaniel Property Management

We spoke to Mr. McDaniel about his perspectives on rental housing, the greatest lessons he’s learned and what he values about his relationship with First National.

View all

Capital Markets update

Market Commentary: An overview of this week’s federal budget

Jason Ellis provides an overview of this week’s federal budget, rates, the housing market and more. Read the commentary here.

View all

View other multi-family mortgage solutions

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.

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.