First National Financial LP
seniors-housing

Secondary financing for retirement housing

 

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 is an attractive alternative to refinancing as it provides access to property equity that can be used to purchase another asset or renovate/repair an existing property. Borrowers with a first mortgage may be eligible for secondary financing on the same property.

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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Smart risk solutions in action for seniors

See how we’ve applied our financing products innovatively to help seniors 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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View other seniors mortgage solutions

CMHC financing

As a 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.

Learn More: CMHC financing

Standard financing

First National’s standard financing programs are favoured by borrowers who are 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

Short-term (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 buying time to complete an operational improvement. 

Learn More: Short-term (bridge) financing

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.

Learn More: Asset repositioning

Development / Construction

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

Learn More: Development / Construction
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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.