Loan Summary

Purpose:

Major Repairs and Replacements

Loan Amount:

$2,000,000

Loan Term:

5 years

Amortization:

15 years

Status:

Funded

Complex condominium financing structure in Toronto, ON

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. Currently, the loan is 75% funded.

Read more about the financing structure at: 
https://morrisonfinancial.com/a-complex-condominium-financing-structure/

Location

Toronto, ON

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