
Secondary financing for student housing properties
First National’s second mortgages are smart-risk solutions that enable borrowers to access capital and avoid penalties associated with breaking a first mortgage mid term.
Secondary financing of student housing is not common but 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.
A strong operational history, property quality and location, as well as the borrower’s liquidity and net worth 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 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%
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View other student housing mortgage solutions
CMHC financing
As a deeply experienced 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 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, a change in ownership structure or enhance their tenant roster.
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.
Construction financing
A First National construction loan, whether CMHC insured or conventional, provides funds to cover the cost of building or rehabilitating a student housing 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.