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.
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.
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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 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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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.
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.