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Posted by on Jun 2017 in All Stories, News Updates | 0 comments

Sponsored: Where to turn for mortgage financing once your operating agreement ends

 

Apartment BuildingMany housing providers are beginning to contemplate life after their operating agreements end. Although their original mortgage is paid off and borrowing restrictions are about to end, they do not always know the strength that lies in their assets.

Although their original mortgage is paid off and borrowing restrictions are about to end, many providers have trepidation about the future.

For those in this situation, a logical move is to seek advice from a lender specializing in affordable housing. The challenge is to find one. That’s because many lenders do not have the experience to deal with the many nuances in the sector.

As Canada’s largest non-bank mortgage lender and largest Canada Mortgage and Housing Corporation (CMHC) multi-residential lender, First National has filled that void, becoming the trusted mortgage provider to the affordable housing space.

“Our engagement with CMHC for over two decades as a lender on apartment properties and seniors’ accommodation created a natural bridge to enter the affordable housing sector several years ago,” said Daniel Bragagnolo, Director, Commercial Financing at First National, a Canadian-owned company with almost $100 billion of mortgages under administration.

“Since then, we’ve used our expertise to write millions of dollars of first, second and pari-passu mortgages for not-for-profit housing providers in Ontario and in so doing, helped them transition to a self-sustaining model.”

To the affordable housing team at First National, the goal is to provide capital and strategies that result in the lowest possible cost of financing and greater flexibility to achieve the borrower’s goals.

“While the evaluation process is more complex, it’s rewarding to serve a sector whose importance to society is without question.”

To learn more about First National’s affordable housing mortgage strategies, call or email Daniel at 416-597-5460 or daniel.bragagnolo@firstnational.ca.

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