Toronto, Ontario, March 11, 2024 – First National Financial Corporation (TSX: FN, TSX: FN.PR.A, TSX: FN.PR.B) today announced that substantial growth in financing multi-unit properties across Canada has enabled it to surpass $50 billion in commercial mortgages under administration (MUA).
This milestone reflects the collaborative efforts of the company’s commercial mortgage lending team, First National’s many institutional investing partners and CMHC, Canada’s national housing agency which provides programs to support the creation and preservation of affordable, accessible and energy-efficient rental units coast to coast.
“First National has dedicated itself to providing Better Lending to commercial real estate owners and developers since 1988,” said Jeremy Wedgbury, Executive Vice President, Commercial Mortgages, “so reaching $50 billion in MUA is a validation of our long-term approach of solutions and service for customers. We are incredibly proud of this milestone and owe a debt of gratitude to all our commercial team who made it possible.”
First National participates in all sectors of the commercial mortgage lending market including industrial and retail assets but its commercial segment MUA is predominantly weighted toward multi-unit residential properties. This includes term and construction financing on affordable housing rental units, market rental units, seniors housing and student housing. Its expertise includes conventional, bridge, mezzanine and insured product solutions.
“Canada has an urgent need for new housing units, and we are proud to be part of the solution as a CMHC-approved lender and a go-to source for the country’s most experienced and prolific builders and developers,” said Moray Tawse, First National’s Senior Executive Vice President and co-founder. “It has taken a substantial effort to reach this milestone and we are grateful for the support and loyalty of our customers and investing partners, including many who have been part of our success story for decades.”
First National’s commercial MUA reached the $5 billion milestone 20 years ago. At December 31, 2023 commercial MUA had grown to $49.0 billion on steady contributions from its regional teams which cover every major urban market in Canada. Through the years, average mortgage sizes have also increased dramatically as has the company’s market reach.
“Achieving the $50 billion level is a validation of First National’s non-bank business model,” said Jason Ellis, President and Chief Executive Officer. “However, it is the diligence and agility of our people who translate the model into value creation for borrowers and partners who deserve recognition. I thank First National employees across origination, underwriting, credit, legal, funding, IT and administration for making our company a recognized leader in the commercial lending market. Together, we will continue to strive for even bigger and better.”
About First National Financial Corporation
First National Financial Corporation (TSX: FN, TSX:FN.PR.A, TSX:FN.PR.B) is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With more than $143 billion in mortgages under administration, First National is one of Canada’s largest non-bank originators and underwriters of mortgages and is among the top three in market share in the mortgage broker distribution channel. For more information, please visit www.firstnational.ca.
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