Standard financing for retirement housing
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.
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%
Internal refinance to proceed with renovations on the building.
- $7.3 Millon
- 93 units
- Montreal, Quebec
- CMHC insured first mortgage loan
- 5 years term, 35 years amortization
- LTV:85%
Refinance first and second mortgage loan to the property for future investment
- $12 Million
- 103 units
- Baie-D'Urfe, Quebec
- CMHC insured first mortgage loan
- 5 years term, 25 years amortization
- LTV: 59.96%
To provide a loan that will repay the current loan on the property
- $13.7 Million
- 144,000 sq. ft.
- Edmonton, Alberta
- CMHC insured first mortgage loan
- 10 years term, 30 years amortization
- LTV: 89.3%
Funds used for capital repairs on the subject property
- $24.3 Million
- 163 units
- Georgetown, Ontario
- CMHC insured first mortgage loan
- 5 years term, 25 years amortization
- LTV: 85%
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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.
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.