KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers

Our residential call centre is experiencing higher than normal wait times.

If you are a residential customer experiencing financial hardship due to COVID-19 and need to request a mortgage payment deferral, please submit a payment deferral request through My Mortgage or fill out our online mortgage payment deferral request form.

If you are a commercial borrower experiencing financial hardship due to COVID-19, please email our Payments team at commercial.payments@firstnational.ca.

Be assured that we are committed to getting back to all of you who have contacted us.

Your patience is appreciated, and we thank you for your understanding.

Properties that generate consistent cash flow through arms-length leases are favourable candidates for standard financing. For industrial assets, this can mean properties that have leases greater than five years as well as properties that have multiple units leased to multiple arms-length tenants. Owner-occupied assets can be considered, however, historic financial performance will be reviewed and scrutinized. Specialized industrial assets also introduce financing challenges. The risk is greater in the case of specialization as it is harder to devise contingency plans and find replacement tenants if required.

Standard financing offers a term of five years or more, a fixed interest rate and is typically closed to prepayment for the term’s duration. For industrial, conventional is the most common type of standard financing.

Standard financing is usually considered when borrowers want the payment predictability that comes with a fixed interest rate. However, it is important to note that a typical conventional financing term for an industrial asset is five years. Longer terms are available, but there is often greater scrutiny on future cash flows. Borrowers must be able to show that longer-term leases (i.e. maturing in 10 years or more) are in place for the duration of the mortgage term.

Commercial Mortgage Backed Securities (CMBS): CMBS is a conventional financing solution available for first mortgages on established, stabilized properties (generally three or more years of stable operating history). This type of financing works well for properties with in-place, stabilized net cash flow.

Connect with a financing expert

Scott Lynds
Assistant Vice President, Commercial Financing

Robert Fleet
Assistant Vice President, Commercial Financing

Jamie McCallum
Assistant Vice President, Commercial Financing

Damir Jesic
Assistant Vice President, Commercial Financing

Henry Chung
Director, Commercial Financing

Evan Pawliuk
Assistant Vice President, Commercial Financing

Paul Steckler
Assistant Vice President, Commercial Financing

Samuel Lasanté
Director, Commercial Financing

Russell B. Syme
Assistant Vice President, Commercial Financing

Yohan Kadoch
Assistant Vice President, Commercial Financing

Edgar Kieser
Assistant Vice President, Commercial Financing

Maksim Stajic-Katic
Senior Analyst, Commercial Financing

Dru McAuley
Assistant Vice President, Commercial Financing

Mitchell Tomulka
Assistant Vice President, Commercial Financing

Abby McQuire
Director, Commercial Financing

Gidu Park
Analyst, Commercial Financing

Andrew Brickley
Director, Commercial Financing

Benoit Allaire
Assistant Vice President, Commercial Financing

Daniel Bragagnolo
Assistant Vice President, Commercial Financing

Lori Isaac
Senior Analyst, Commercial Financing

Jim Foote
Assistant Vice President, Commercial Financing

Andrew Drexler
Assistant Vice President, Commercial Financing

Adam Powadiuk
Director, Commercial Financing

Simon Verdy
Assistant Vice President, Commercial Financing

Michele Cook
Director, Commercial Financing

Darryl Bellwood
Assistant Vice President, Commercial Financing

Peter Cook
Assistant Vice President, Commercial Financing

Daniel Kowalczyk
Senior Analyst, Commercial Financing

Erin Solmundson
Senior Analyst, Commercial Credit

Troy Barker
Assistant Vice President, Commercial Financing

Brian Kimmel
Assistant Vice President, Commercial Financing

Michael Yeung
Regional Vice President, Commercial Financing, British Columbia

Barry C. Gidney
Assistant Vice President, Commercial Financing

Ilan Barda
Assistant Vice President, Commercial Financing

Reed Bracken
Assistant Vice President, Commercial Financing

Jonathan Philipps
Director, Commercial Financing

Miyadh Mutahar
Analyst, Commercial Financing

Jody Comeau
Assistant Vice President, Commercial Financing

Alison Afaganis
Senior Analyst, Commercial Financing

Adam Weinbaum
Analyst, Commercial Financing

Stefan Steele
Senior Analyst, Credit Adjudication

card_thumb_commercial

Financing resources

The one place to access the latest commercial insights and news. 

SUNPFNWEB06