First National Financial LP
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Financing for retail property repositioning and renovation

 

First National regularly assists borrowers who are ready to enhance the value of their retail properties through capital improvements.



 

This short-term financing option, usually two years or less, provides access to a property’s equity for capital improvements or repairs by eliminating the need to raise funds from personal sources. The goal is usually to increase lease rates and/or reduce operating expenses to increase the value of the property and make it eligible for standard financing.

A borrower’s expertise, net worth and liquidity, as well as the location and quality of the property are key considerations for this type of financing.

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Smart risk solutions in action for retail

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

The loan purpose is to refinance an existing mortgage and provide equity take out for capital improvements and construct a new multi-family property.

  • $3.5 Million
  • 12 units
  • Montreal, Quebec
• CMHC insured first mortgage loan
• 5 year term, 50 years amortization
• LTV: 63.59%

Purpose of the loan is to refinance an existing construction mortgage.

  • $1.6 Million
  • 8 units
  • Edmonton, Alberta
• CMHC insured first mortgage loan
• 10 year term, 50 years amortization
• LTV: 82.38%

The loan purpose is to refinance an existing construction mortgage.

  • $12.4 Million
  • 24 units
  • Campbell River, British Columbia
  • CMHC insured MLI Select - 100 Points (Energy Efficiency) first mortgage loan
  • 10 year term, 50 years amortization
  • LTV: 68.47%

To refinance an existing construction mortgage.

  • $15.4 Million
  • 60 units
  • Halifax, Nova Scotia
  • CMHC insured first mortgage loan
  • 10 year term, 50 years amortization
  • LTV: 87%

To refinance an existing mortgage and pay down another existing credit facility secured by multiple assets.

  • $7.4 Million
  • 30 units
  • Iqualit, Nunavut
  • CMHC first mortgage loan
  • 5 year term,
  • 40 years amortization
  • LTV: 75%
  • DSC: 1.91x

To refinance an existing mortgage and provide equity take out for capital improvements.

  • $ 5 Million
  • 14 units
  • Montreal, Quebec
  • CMHC insured first mortgage loan
  • 5 year term,
  • 50 years amortization
  • LTV: 80.65%
  • DSC: 1.37x

To provide financing to purchase a low-rise multi-family building.

  • $10.4 Million
  • 96 units
  • Miramichi, New Brunswick
  • CMHC insured first mortgage loan
  • 5 year term,
  • 40 years amortization
  • LTV: 95%
  • DSC: 1.10x

To refinance the property.

  • $5.1 Million
  • 17,488 sq. ft.
  • Oakville, Ontario
  • Conventional first mortgage
  • 5 years term, 25 years amortization
  • LTV: 66%

Latest resources and insights

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

Growth, Value and Risk

This week, CMHC advised the market of several important policy updates and refinements designed to support multi-unit housing development across Canada.

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Expert insights

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The first quarter of 2024 was the most active opening period in First National’s history as a commercial lender.

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Borrower perspectives

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Capital Markets update

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Jason Ellis provides an overview of this week’s federal budget, rates, the housing market and more. Read the commentary here.

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View other retail mortgage solutions

Standard financing

First National’s standard financing programs are favoured by borrowers when acquiring a new property or refinancing 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. 

Learn More: Standard financing

Bridge financing

First National’s bridge loan terms usually 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. 

Learn More: Bridge financing

Secondary financing

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

Learn More: Secondary financing

Construction financing

A First National construction loan provides funds to cover the cost of building or rehabilitating a retail property with terms typically of three years or less.

Learn More: Construction financing
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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.