KEEPING YOU INFORMED: COVID-19 information for residential customers & commercial borrowers
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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 assistance, please submit a payment assistance request through My Mortgage.

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.

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land

Land

Land falls into two categories – held for the long term for future development and purchased for immediate development.

Standard financing

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.

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Short-term (bridge) financing

Bridge financing addresses a borrower’s short-term needs, usually three months to three years.

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Development / Construction

This short-term financing option enables access to a property’s equity for improvements, renovations or repairs, eliminating the need to raise funds from personal sources.

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Smart risk solutions in action for land

See how we’ve applied our financing products innovatively to help land borrowers achieve their goals with performance and value.

Land loan used to fully repay an existing loan and fund an 18 month debt servicing reserve

  • $29 million
  • 189,595 sq. ft.
  • Vancouver, British Columbia
  • Land loan financing
  • 18 months term, interest only amortization
  • LTV: 55%

Funds to assist with the purchase of land and pre-development costs

  • $5 million
  • 119,001 Sq. ft.
  • Toronto, Ontario
  • Pre-development first mortgage
  • 36 months term, interest only amortization
  • LTV: 54%

Repaying existing debt and providing working capital

  • $3 million
  • 421,219 Sq. ft.
  • Drummondville, Quebec
  • Conventional first mortgage loan
  • 3 years term, interest only amortization
  • LTV: 50%

Withdrawing equity to invest in site work for scheduled developments

  • $4 million
  • 56,750 Sq. ft.
  • London, Ontario
  • 8 months term, interest only amortization
  • Conventional first mortgage - Land loan
  • LTV: 60%

Land being constructed into student housing

  • $1 million
  • 80 units
  • Lethbridge, Alberta
  • Conventional first mortgage
  • 6 months term, interest only
  • LTV: 59%

Refinancing land for mixed used building

  • $3 million
  • 66 units
  • Toronto, Ontario
  • Conventional First Mortgage
  • 16 Months term, interest only
  • $2.5 million in 2 tranches

Purchase of land and future development of a 4 storey rental building

  • $2 million
  • 8,702 Sq. ft.
  • Vancouver, British Columbia
  • Land loan financing
  • 24 months term, interest only amortization
  • The borrower to payout land loan with construction financing for a proposed apartment building

Redeveloping land into condominium

  • $28 Million
  • 141,330 Sq. Ft.
  • Surrey, British Columbia
  • Loan to value ratio: 85%
  • First mortgage post construction loan
  • New construction property built in 2017

Latest resources and insights

Original perspectives and personal viewpoints on developments and industry trends in commercial real estate.

Growth, Value and Risk

Article
This morning, the Bank of Canada left its target overnight benchmark rate unchanged at what it describes as its “lower bound” of ¼ percent. As a result, the Bank Rate remains at ½ percent.

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Expert insights

Article
In Building Value, Zach Vanier tells us about himself and what he brings to his client relationships.

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Borrower perspectives

We spoke to Alain Grandmaison about his view of the industry impacts resulting from COVID-19, whether or not Junic has altered its vision for growth and why First National is a great fit for the new generation of developers.

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Capital Markets update

Article
Neil Silverberg, Analyst, Capital Markets, looks at the latest Canadian employment numbers, the changes that were seen in rates and curves this week and more. Read the full commentary here.

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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.

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