Company hails landmark achievement
First National Financial Corporation has hit a landmark achievement by surpassing $50 billion in commercial mortgages under administration (MUA), marking a significant milestone in the company's history of financing multi-unit properties throughout Canada.
The company said the accomplishment underscored its commitment to meeting the nation's growing demand for skilled tradespeople, in collaboration with its dedicated commercial mortgage lending team, partnerships with institutional investors, and the support of Canada Mortgage and Housing Corporation (CMHC).
“First National has dedicated itself to providing Better Lending to commercial real estate owners and developers since 1988, so reaching $50 billion in MUA is a validation of our long-term approach of solutions and service for customers,” said Jeremy Wedgbury, executive vice president of commercial mortgages at First National.
First National's financing solutions range from affordable housing to student and seniors housing, with the company specializing in conventional, bridge, mezzanine, and insured product solutions.
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Co-founder Moray Tawse pointed to the company's integral role in fostering the development of new housing units.
"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. 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,” Tawse said.
First National's journey to this milestone began two decades ago when its commercial MUA stood at $5 billion. As of December 31, 2023, the figure had grown to $49.0 billion, with contributions from regional teams covering every major urban market in Canada. The company has seen not only an increase in the average size of mortgages but also an expansion of its market reach over the years.
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