Simple financing solutions for your condominium corporation
Morrison Financial provides a unique loan product to condominium corporations and strata plans who are faced with unexpected capital repairs and replacements, additions and alterations and reserve fund shortfalls.
In partnership with
What can you finance with a Condo Term Loan?
From building envelope and parking garages to roof replacements, our condominium and strata loans spread the cost of the assets over their lifetimes.
What is the process involved in obtaining a condominium or strata term loan?
Describe your situation
Send us an email describing your loan requirements, provide details as to why you require a loan.
Provide preliminary documentation
Schedule a call
Review Your Options
Discuss any unique issues
Reach a Conclusion
Execute the Commitment
Complete Legal Implementation
Receive your funds
What loan terms can you expect from us?
Loan Amounts
We offer loan amounts of up to $7,000,000 and will evaluate higher loan requirements on a case-by-case basis.
Timelines
Once legal implementation is complete, your condominium corporation may draw on the funds as outlined in your commitment letter.
Prepayment
We provide flexibility to your condominium corporation to pay down the loan faster. Up to 10% of the loan amount may be prepaid per annum without any additional penalty charges.
Interest Rates
We offer competitive interest rate options with the help of our exclusive partner Meridian Credit Union. Interest rates are typically in the range of 5% to 6%, however, are evaluated on a case-by-case basis.
Fixed Term and Amortization
We offer a standard Fixed Term of up to 5 years, and sometimes longer as evaluated on a case-by-case basis.
We offer amortization period of up to 20 years, but not longer than the lifespan of the asset being financed.
Funded condominium term loans
Why Morrison Financial?
Strong partnerships
The history of Morrison Financial and the power of the Meridian Credit Union are here to provide your corporation with a full service solution
Experience
We have advisors with over 30 years of experience in condominium lending, and made the first ever condominium loan in Canada in 1994
Flexibility
We understand that no two condominium loan situations are alike. We evaluate your needs and determine the optimal financing structure for you
Let us help you get started
FAQS
Condominium board directors and unit owners will have many questions throughout this process. Read more of our frequently asked questions or reach out today to speak with a finance professional.
