
Development and construction loans for self-storage properties
Borrowers use our construction program to cover land development and building construction costs. Funds can be disbursed on each stage completed, according to a prearranged schedule, or when certain milestones are met.
Other critical considerations include the borrower’s experience, net worth and liquidity, as well as the location and quality of the site and market study.
Providing construction and development financing for a self-storage facility can be challenging; however, it can be considered in the right circumstances.
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.
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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 storage
See how we’ve applied our financing products innovatively to help storage 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%
Latest resources and insights
Original perspectives and personal viewpoints on developments and industry trends in commercial real estate.
Growth, Value and Risk
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View other storage mortgage solutions
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.
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.
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.
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.

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.