Early in 2020, a condominium corporation of approximately 200 units approached Morrison Financial to assist in assessing various financing options available to the corporation, which included assessment and borrowing. The condominium was partway through its projects to replace a fan coil and repairs to the underground parking garage, balconies, and cladding; however, it had depleted its reserves and was experiencing a financing shortfall in the range of $3,900,000.
Morrison Financial worked closely with the condominium corporation to present various options to unit owners and the board of directors and assist the board through the process of implementing the loan.
Read more about the financing structure at:
https://morrisonfinancial.com/a-complex-condominium-financing-structure/
Location
Toronto, ON
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Our Services
We tailor lending options for builders and developers across Ontario to assist with acquisition, site servicing and construction of primarily multi-unit residential real estate developments.
We work with boards of directors and condo property management to tailor financing focused on repairs, reserve fund shortfalls, and refinancing of guest suites or existing loans.
We offer the opportunity to investors to participate in pools of mortgages, which produce monthly distributions with the target of the investments being capital preservations.
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