First National Financial
First National Financial is a Toronto-based, top-tier Canadian non-bank mortgage lender serving residential borrowers via mortgage brokers and commercial real estate clients via empowered local advisors, with $165B+ in mortgages under administration.
- Company typePrivate
- Founded2006
- HeadquartersToronto, Canada
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What First National Financial does
First National Financial Corporation (operating as First National Financial LP) is one of Canada's largest non-bank mortgage lenders, headquartered in Toronto with national operations across all ten provinces and territories. Founded in 1988 and publicly listed on the TSX from 2006 until October 2025, the company originated and serviced residential and commercial mortgages on a portfolio that grew from $10 billion to over $165 billion in mortgages under administration. The company operated an exclusive mortgage broker distribution channel for residential lending and an empowered commercial advisor network for direct commercial lending across asset classes including retail, multi-family, office, industrial, storage, student housing, mixed-use, and land.
The technology stack centers on two proprietary platforms: MERLIN for mortgage brokers to submit and track residential applications, and My Mortgage for residential customers to self-manage payments, statements, and amortization online with mandatory multi-factor authentication. Supplementary products include Excalibur (alternative mortgage options for non-prime borrowers), mortgage calculators, home warranty (Echelon), mortgage life and disability insurance (Credit Security Plan), and a Home Equity Secured Mastercard. The company also offers Outsourced Mortgage Servicing Solutions to third-party lenders and commercial asset management services.
Revenue is generated primarily through mortgage origination fees (transactional) and ongoing servicing income on the managed book (managed services / managed portfolio). In October 2025, the company was acquired by Birch Hill Equity Partners and Brookfield Asset Management in a CAD $2.9 billion all-cash transaction at $48 per share (13% premium), with founders Stephen Smith and Moray Tawse retaining approximately 19% indirect stakes each. The new ownership structure, combined with an $800 million senior notes issuance, provides growth capital while the company completes a leadership transition as CEO Jason Ellis retires by end of 2026.
First National Financial firmographics
Firmographics- Name
- First National Financial
- Legal name
- First National Financial LP
- Website
- https://firstnational.ca
- Company type
- Private
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- First National Financial is a Toronto-based, top-tier Canadian non-bank mortgage lender serving residential borrowers via mortgage brokers and commercial real estate clients via empowered local advisors, with $165B+ in mortgages under administration.
- Ownership category
- akta.pro rank
First National Financial industry classification
Industry- Product category
- Non-Bank Mortgage Lending
- NAICS
- Real Estate Credit (522292)
- SIC
- Mortgage Bankers & Loan Correspondents (6162)
- akta.pro primary industry
- Wholesale Mortgage Lending (Broker Channel) (FSALACAA)
- akta.pro secondary industries
- Purchase Mortgage Origination (Homebuyer Focused) (FSALAAAD), First-Time Homebuyer (FTHB) Mortgage Origination (FSALAAAG), Private Credit / Direct Lending (FSAAAHAG)
Keywords
Where First National Financial is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
First National Financial business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Mortgage Origination Fees: Revenue generated from originating residential and commercial mortgages. The company is one of Canada's largest non-bank mortgage lenders with mortgages under administration growing from $10 billion to over $165 billion.
- Mortgage Servicing Income: Ongoing revenue from servicing mortgages under administration. The company also offers outsourced mortgage servicing solutions to third parties.
- Preferred Share Dividends: Preferred share program with Class A Preference Shares Series 1 and Series 2 listed on TSX (FN.PR.A and FN.PR.B), paying quarterly dividends. The preferred share program was redeemed in March 2026.
- Corporate Bond Interest: Corporate bonds with fixed interest rates maturing in November 2024 and November 2025, available to accredited investors through brokers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Residential mortgage rates - competitive and broker-negotiated |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
First National Financial product offering
Product offeringCore offering
First National Financial is one of Canada's largest non-bank mortgage lenders, originating and servicing residential and commercial mortgages with over $165 billion in mortgages under administration. Residential mortgages are distributed exclusively through a national network of mortgage brokers, while commercial mortgages are provided directly across asset classes including retail, multi-family, office, industrial, storage, student housing, mixed-use, and land. The company also offers outsourced mortgage servicing solutions to third-party lenders and operates proprietary digital platforms (My Mortgage and MERLIN) for customer and broker interactions.
Product overview
First National Financial is one of Canada's largest non-bank mortgage lenders, offering a dual-product architecture comprising Commercial Mortgages and Residential Mortgages. The company operates exclusively through mortgage brokers for residential products while maintaining direct lending relationships for commercial financing. Key platforms include My Mortgage® (customer-facing residential portal for 24/7 account management) and MERLIN® (broker-facing platform). The product portfolio includes core mortgage lending products, supplementary financial tools (Excalibur alternative mortgages, mortgage calculators, mortgage rates services), insurance and warranty add-ons (Echelon home warranty, Credit Security Plan life/disability insurance, Home Equity Secured Mastercard), and commercial asset management services. The company also offers outsourced mortgage servicing solutions to other lenders.
Differentiator
Problem solved
Functional benefit
Brands
- My Mortgage: Online mortgage management portal for residential mortgage holders providing 24/7 access to track mortgage details, make payments, and communicate with First National.
- MERLIN
- Excalibur
Products and services
- Commercial Mortgages Mortgage lending solutions for commercial properties including retail, multi-family residential, office, industrial, storage, student housing, mixed-use, and land development properties. Provided directly by empowered commercial advisors with local market knowledge and autonomy to devise and rationalize financing solutions. Targets commercial property developers, owners, and investors across Canada.
- Residential Mortgages Home mortgage solutions offered exclusively through licensed mortgage brokers across Canada. Supports first home purchases, next home purchases, mortgage transfers, renewals, refinances, home improvements, self-employed and contract home buyers, and rental or investment property purchases. Brokers submit applications through the MERLIN platform.
- My Mortgage Customer-facing digital portal providing residential mortgage holders with 24/7 access to track mortgage details, review accounts, manage payments, send inquiries, chat online, access annual statements, update account information, change payment dates, get amortization schedules, and review tax accounts. Multi-factor authentication with one-time password is mandatory.
- MERLIN Online broker-facing platform for residential mortgage brokers to submit applications, track deal status, manage correspondence, and access broker resources for serving their clients with First National mortgage products.
- Excalibur Alternative Mortgages Alternative mortgage option available through mortgage brokers, providing access to non-prime or alternative lending solutions for borrowers who may not qualify through traditional mortgage channels, such as self-employed and contract workers.
- Echelon Home System Warranty Program Home warranty program offered in partnership with a third-party provider, providing coverage for home systems to protect homeowners from unexpected repair costs. Available alongside residential mortgage products.
- Credit Security Plan Mortgage Life and Disability Insurance Mortgage life and disability insurance product that pays off or reduces the mortgage balance if the borrower dies or becomes disabled, protecting families from financial hardship.
- Home Equity Secured Mastercard Credit card product secured by home equity, offering an alternative financing option for homeowners seeking to access their home equity for ongoing credit needs.
- Commercial Asset Management Ongoing management services for commercial mortgages including financial requirements tracking, undertaking compliance, insurance requirements, property tax administration, mortgage information access, and annual compliance forms for commercial borrowers.
- Outsourced Mortgage Servicing Solutions Third-party mortgage servicing capabilities offered to other lenders who want to outsource their mortgage servicing operations, including administration, collections, and reporting functions for residential and commercial mortgages.
Quantifiable outcome
- Mortgages under administration grew from $10 billion to over $165 billion during Jason Ellis's tenure (2003-2025)
- +1 more outcomes
Companies that use First National Financial
Customer profileSegments3 records
Ideal customer profiles4 records
First National Financial technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
First National Financial partnerships and signals
Strategic signalScale indicators6 records
Recent moves9 records
Expansion highlights5 records
First National Financial competitors and assessment
Company assessmentDirect peers
- Equitable Group: Parent of Equitable Bank, a Canadian Schedule I bank specializing in alternative residential mortgages via the broker channel. Directly comparable to First National in product mix, distribution, and Canadian market positioning.
- Romspen Mortgage Investment Fund: Private Canadian mortgage investment fund focused on commercial real estate lending. Comparable to First National's commercial mortgage business in market and asset class focus.
- CMLS Financial: One of Canada's largest non-bank mortgage lenders, originating residential and commercial mortgages through the broker channel. Closely comparable to First National in dual residential/commercial focus and Canadian broker distribution.
- RFA Financial Group: Canadian alternative mortgage lender serving borrowers who don't fit traditional bank criteria, operating through mortgage brokers. Comparable niche focus to First National's Excalibur alternative mortgage offering.
- Firm Capital Mortgage Investment Corporation: Canadian mortgage investment corporation focused on short-term residential and commercial real estate lending. Comparable in mortgage origination focus and Canadian market, though smaller in scale.
- Home Capital Group: Canadian non-bank alternative residential mortgage lender serving borrowers through brokers and deposit agents. Highly comparable to First National's residential mortgage business model and Canadian market focus.
- MCAN Mortgage Corporation: Canadian mortgage investment company that originates and services residential mortgages through the broker channel. Comparable in scale, distribution model, and focus on single-family residential lending in Canada.
Broad incumbents
- Manulife Bank of Canada: Canadian chartered bank subsidiary offering residential mortgages and deposits. Comparable as a Canadian mortgage lender, though as a broader financial services incumbent rather than a specialist non-bank.
- Tangerine Bank: Direct bank subsidiary of Scotiabank offering residential mortgages in Canada. Comparable as a Canadian mortgage lender, though operating via direct-to-consumer digital channel rather than brokers.
Emerging players
- Fairstone Bank: Canadian Schedule I bank (formerly Duo Bank) focused on alternative lending including residential mortgages. Emerging competitor in the Canadian non-bank/alternative mortgage space with overlapping broker channel strategy.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
First National Financial social profiles
Digital presenceFirst National Financial compliance and trust
Trust signalCompliance10 records
First National Financial financial estimates
Financial estimateRevenue estimate
Valuation estimate
First National Financial leadership team
Management profileNumber of profiles
Profiles8 records
First National Financial funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First National Financial M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First National Financial
What does First National Financial do?
First National Financial is one of Canada's largest non-bank mortgage lenders, originating and servicing residential and commercial mortgages with over $165 billion in mortgages under administration. Residential mortgages are distributed exclusively through a national network of mortgage brokers, while commercial mortgages are provided directly across asset classes including retail, multi-family, office, industrial, storage, student housing, mixed-use, and land. The company also offers outsourced mortgage servicing solutions to third-party lenders and operates proprietary digital platforms (My Mortgage and MERLIN) for customer and broker interactions.
Is First National Financial a public or private company?
First National Financial is a private company. It is classified as private equity controlled and is currently operating.
When was First National Financial founded?
First National Financial was founded in 2006. It employs 1,001 to 5,000 people.
Where is First National Financial based?
First National Financial is headquartered in Toronto, Canada, in the North America region.
How does First National Financial make money?
Four revenue lines are on record. Mortgage Origination Fees are the primary driver. The others are mortgage Servicing Income, preferred Share Dividends and corporate Bond Interest.
Who are First National Financial's main competitors?
Direct peers on record are Equitable Group, Romspen Mortgage Investment Fund, CMLS Financial, RFA Financial Group, Firm Capital Mortgage Investment Corporation, Home Capital Group and MCAN Mortgage Corporation. Broad incumbents are Manulife Bank of Canada and Tangerine Bank. Fairstone Bank is listed as an emerging player.
Does First National Financial have an API?
No public API is recorded for First National Financial.
What industry is First National Financial in?
First National Financial's product category is Non-Bank Mortgage Lending. Its primary akta.pro industry code is FSALACAA, Wholesale Mortgage Lending (Broker Channel), with a secondary code of FSALAAAD, Purchase Mortgage Origination (Homebuyer Focused). Its NAICS code is 522292 and its SIC code is 6162.