TORONTO, March 11,
2024 /CNW/ - 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.
SOURCE First National Financial Corporation