First Foundation Announces 100% Financing For Rental Properties

(PRLEAP.COM) Edmonton, AB, Canada December 13, 2007 – First Foundation Inc., a residential-focused Alberta mortgage broker, announced a 100% financing option on select rental properties through First National Financial and Canadian Mortgage and Housing Corporation (CMHC). The new CHMC product allows borrowers to purchase one- to two-unit rental properties with no down payment, or refinance the properties for a loan-to-value ratio of up to 95%. Also, borrowers can now purchase three- to four-unit properties with as little as 10% down, or refinance the properties for a loan-to-value ratio of up to 90%. There is no mortgage application fee or lender appraisal required.

Amortization can be up to 40 years, which can help reduce an investor’s monthly expenses. The product is available for individuals that are Permanent Residents of Canada, including newcomers to Canada, self-employed borrowers and corporate borrowers. Available interest rate types include fixed, variable and adjustable.

“The 100% financing option on rental properties is a great new tool for small real estate investors. People who want to participate in real estate as an investment without the need for significant amounts of capital to get started are certainly going to benefit,” said Gordon McCallum, President and CEO of First Foundation Inc. “We are proud to bring yet another innovative product from our lending partners to the Alberta home buyer and home owner markets.”

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ABOUT FIRST FOUNDATION
First Foundation Residential Mortgages was founded in 2002 in Edmonton, Alberta as a response to growing consumer demand for more competitive home mortgage options. The company originates mortgages for many of the largest financial institutions in Canada, including several chartered banks, trust companies, mortgage-backed securities lenders, and credit unions. First Foundation specializes in reducing the overall cost of mortgages for its clients with highly competitive rates and mortgage strategies, such as the popular Smith Manoeuvre.
www.firstfoundation.ca

ABOUT FIRST NATIONAL FINANCIAL
First National is the largest non-bank provider of single-family residential mortgages in Canada. First National also offers commercial mortgage services. They offer competitive mortgage options (for both residential and commercial mortgages), timely approvals and excellent customer service. First National currently administers over $28 billion in residential and commercial mortgages. FirstNational.ca

ABOUT CANADIAN MORTGAGE and HOUSING CORPORATION
The Canadian Mortgage and Housing Corporation is Canada’s national housing agency. It was established as a government-owned corporation in 1946 to address Canada’s post-war housing shortage, and has since grown into a major national institution. CMHC is one of Canada’s major providers of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research.

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