Self-storage
Smart-risk lending solutions for self-storage property owners and developers
Self-storage is a vibrant industry and First National is proud to finance the properties in which Canadians house their valuables.
We work with developers and asset managers across the country to achieve their goals through empowering advice and committed capital.
Throughout our history, we have amassed significant experience in lending and providing various forms of financing to self-storage operators who serve the needs of individuals and business clients.
Standard financing
First National’s standard financing programs are favoured by borrowers who look to acquire a new property or refinance 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 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 or a change in ownership structure or to buy 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 allows borrowers to access the equity in a property and use it to purchase another asset or renovate/repair an existing asset.
Development / Construction
A First National construction loan provides funds to cover the cost of building or rehabilitating a property with terms typically of three years or less.
Smart risk solutions in action for storage
See how we’ve applied our financing products innovatively to help storage borrowers achieve their goals with performance and value.
The loan will be utilized to repay the existing construction
- $11 Million
- 18 Units
- Vancouver, British Columbia
- CMHC Insured
- 5 years term, 40 years amortization
- LTV: 92.54%
Conventional bridge loan to finance the construction of a student residence
- $41 million
- 107 units
- Waterloo, Ontario
- Conventional construction financing
- 6 months term, interest only
- LTV: 72%
Provide financing to convert an existing industrial property
- 15.7 Million
- 46,793 sq. ft.
- Toronto, Ontario
80% of cost conventional construction financing
- $3.36 million
- 4,040 sq.ft.
- Antigonish, NS
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