
Bridge financing for multi-family properties
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 multi-family property assets.
Borrowers choose our bridge loans until standard financing is secured or while they contemplate a property sale or plan a change in ownership structure.
Additionally, a bridge loan can be used opportunistically to execute an operational strategy such as renovating the units and renting them to new tenants at higher rents to position the property more positively for standard financing. This type of short-term financing can be used to provide a borrower with enough time to substantially rehabilitate and stabilize a property with the ultimate goal of positioning it for First National insured or conventional financing.
Consistent cash flows, strong operational history, and the borrower’s net worth and liquidity are key considerations for this type of financing.
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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.
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.
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%
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View other multi-family mortgage solutions
CMHC financing
As Canada’s largest CMHC-approved apartment lender, we are experts in securing insured financing that offers lower interest rates, higher loan-to-value ratios, 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 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.
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.

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.