Mixed use property

Smart-risk lending solutions for mixed-use property owners and developers

As the name indicates, mixed-use properties come in all shapes and sizes, and so do First National’s lending programs for this asset class.

We understand and appreciate the different configurations of mixed-used assets because we work with developers and asset managers across the country to achieve their goals through empowering advice and strategic capital.

Throughout our history of lending across Canada, we have amassed significant experience in financing mixed-use assets that include residential units along with a commercial component in the same building, which can include office and retail.

CMHC Financing

First National’s insured financing programs are ideal for borrowers when they acquire a new mixed-used property or refinance.

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.

Secondary financing

A First National second mortgage enables borrowers to access property equity and use it to purchase another asset or renovate/repair an existing property.

Construction financing

A First National’s 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 mixed-use

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

CMHC insured financing for an acquisition of a newly constructed 90 townhouse project

$25.3 Million
90 units
Edmonton, AB

CMHC insured mortgage
10 year term, 40 year amortization
LTV: 85%

Refinance of unencumbered property containing 308 units, to be used for capital repairs

$40 Million
320 units
Toronto, ON

CMHC insured mortgage
10 year term, 25 years amortization
LTV: 49%

Senior Retirement residence with 109 units - CMHC insured mortgage to convert construction facility to term loan

$32.5 Million
109 units
Georgetown, ON

CMHC insured mortgage
10 years term, 40 years amortization
LTV: 79.5%

Completion take out of 4 storey podium level of 25 storey tower

$28.7 Million
77 units
Coquitlam, BC

CMHC insured mortgage
5 years term, 45 years amortization
LTV: 83.73%

Refinance of 144 rental units to provide funds for capital expenditures across borrowers existing portfolio as well as future acquisitions

$31.9 Million
144 units
Calgary, AB

CMHC insured mortgage
10 years term, 40 years amortization
LTV: 70%

Refinance of free and clear property to provide equity for capital expenditures across borrowers portfolio and acquisition of other properties

$63.8 Million
346 units
Toronto, ON

CMHC insured mortgage
10 year term, 30 years amortization
LTV: 95%

Construction take out of purpose built apartment building achieving Energy Efficiency through MLI Select Program

$61.4 million
163 units
Mirabel, QC

CMHC insured mortgage
5 year term, 50 years amortization
LTV: 95%

The loan proceeds were used towards paying off an existing construction mortgage

$14 Million
46 units
Ilderton, ON

CMHC insured mortgage
5 year term, 25 years amortization
LTV: 63.1%

View all recent financings

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