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 25 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
Words from our clients
Investment
Morrison Financial provides communication that is clear, consistent, and often…
Morrison Financial has been available to answer questions and provide support to investors.
Morrison Financial is professional and ethical. I feel I could trust Morrison Financial.
- Cynthia Nelson
- Passive Investor
Commercial Financing
“Morrison Financial has been CLT Logistics primary financial partner for over 17 years, and has supported us through numerous growth spurts. CLT has today established itself as one of the premier product logistics and manufacturing companies in Canada, in the Health, Beauty and Household categories, shipping to over 10,000 retailers globally. We could not have made this successful journey without the help and support of Morrison Financial, who we continue to count as a partner beyond that as a source of financing.”
- Jack Wilkinson
- CLT Logistics Inc.
Condo Term Loans
“The most important [financial] development in the condominium industry in years.”
- Jonathan Fine
- Condominium Lawyer, Fine & Deo, Barrister & Solicitors
Mortgage Lending
“Morrison Financial consistently provides dependable and highly professional lending services to the development community. Having worked with Morrison Financial for many years, the Morrison team has continuously exceeded our expectations in terms of delivering creative and comprehensive financial solutions, personalized service and timely administrative oversight. This has helped our company, and our clients, in being able to successfully fund our Projects and meet critical timelines. Morrison Financial are reliable business partners who understand the importance of creating relationships while performing a valuable financial service.”
- Alan Savage
- Director, YYZed Project Management
Condo Term Loans
“A true win-win situation for both the condominium corporation and the contractor. We found the people at Morrison Financial to be completely professional and responsive.”
- Norman Shore
- Manager, Re-roofing Division, Dominion Sheet Metal & Roofing Works
Commercial Financing
“Morrison Financial helped the senior management team of Thinkpath Engineering Services (TES) complete a management buyout in 2011, and since then has provided us with flexible asset based term lending. We have enjoyed not only having Morrison Financial as a lender and equity partner, but also as an important business partner whose expertise we can rely on as we continue to grow. They understand our business and financing needs and have provided a lending structure and pricing that supports our operating and growth objectives. They have made important contributions to key financial decisions and opportunities. With nearly four decades of experience, TES continues to be a global leader in engineering and design services, and we are fortunate to have Morrison Financial as a financial partner.”
- Kelly Hankinson
- Chief Financial Officer, Thinkpath Engineering Services
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.
