Morrison Financial has agreed to provide financing for a condominium townhouse complex in Collingwood, ON. The purpose of the loan is for major repairs and replacements to the condominium property, mainly for a roof and wood cladding replacement project. The complex backs directly onto Georgian Bay. The loan to value of the project was about 6%.
The total approved loan amount to the condominium corporation stands at $3.2 million. Upon request, however, each unit-owner will have the option of either participating in the loan, or paying down their share of the special assessment up-front at construction completion.
