First National Financial LP
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Secondary financing for self-storage properties

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. 

Strong operational history, property quality and location, as well as the borrower’s expertise as an operator and net worth are key considerations for this type of financing. That said, secondary financing is not common but can be considered in the right circumstances. 

Speak to one of our empowered advisors to assess options and determine the best course of action for finding and securing a smart-risk mortgage. 


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Smart risk solutions in action for storage

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

CMHC MLI Select mortgage refinancing to repay the construction loan for a newly developed 50-unit apartment.

  • $12.2 M
  • 50 units
  • Truro, NS
  • CMHC insured first mortgage
  • 5 years term, 50 years amortization
  • LTV: 85%

CMHC Market refinance to pay off the construction mortgage on a newly built 117-unit rental building.

  • $34.3 M
  • 117 units
  • Montreal, QC
  • CMHC insured first mortgage
  • 10 years term, 40 years amortization
  • LTV: 69%

Non-recourse first mortgage under CMHC Market to extract equity for improvements to other properties.

  • $10.8M
  • 69 units
  • Dartmouth, NS
  • CMHC insured first mortgage
  • 10 years term, 35 years amortization
  • LTV: 65%

CMHC MLI Select construction loan for developing an 83-unit purpose-built rental apartment.

  • $51.5M
  • 86 units
  • Saugeen Shores (Port Elgin), Ontario
  • CMHC insured first mortgage
  • 5 years term, 50 years amortization
  • LTV: 92%

CMHC MLI Select refinancing to pay off the existing mortgage and extract equity for property upgrades and future investments

  • $51.5 M
  • 116 units
  • London, ON
  • CMHC insured first mortgage
  • 5 years term, 40 years amortization
  • LTV: 85%

Construction mortgage for the development of 116 stacked townhomes

  • $61.8 M
  • 197 units
  • Toronto, ON
  • CMHC insured first mortgage
  • 10 years term, 40 years amortization
  • LTV: 71%

Refinance to pay out of an existing mortgage and a credit facility secured by the borrower's real estate portfolio

  • $3.9 M
  • 25 units
  • Iqaluit, NU
  • CMHC insured first mortgage
  • 10 years term, 40 years amortization
  • LTV: 65.1%

Refinance of an existing mortgage and equity extraction for capital repairs for other rental properties

  • $3.6 M
  • 54 units
  • Ottawa, ON
  • CMHC insured mortgage
  • 10 years term, 40 years amortization
  • LTV: 32%

Latest resources and insights

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

Growth, Value and Risk

Article

Bank of Canada reduces its policy interest rate for the fourth time in 2024
In a decision sure to be cheered by property owners and businesses far and wide, the Bank of Canada today reduced its policy interest rate for the fourth time in 2024.

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Expert insights

First National reports on key CMHC updates to its multi-unit mortgage loan insurance programs
On November 15, 2024, First National was notified of updates to CMHC’s multi-unit insured mortgage programs. All eight updates come into effect immediately.

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Borrower perspectives

Borrower Perspectives: Rob Piroli, President, Piroli Group
Founded in 1992 in Leamington, Ontario, Piroli Group started in general contracting (under the name of Piroli Construction) but has evolved into a multi-faceted development group.

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Capital Markets update

Article

Market Commentary: A catch-up and overview of the markets
First National’s, Jason Ellis, provides an overview as well as an update of the markets including rates, Government announcements and changes to the Commercial mortgages. Read an overview here.

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View other storage mortgage solutions

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. 

Learn More: Standard financing

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 or a change in ownership structure or to buy time to complete an operational improvement. 

Learn More: 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 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.

Subscribe