This condominium, a corporation located in Ottawa, Ontario, required a condominium loan to repair the exterior walls of the condominium apartment building. The property is located in central Ottawa and contains 45 units. Initially, the borrower looked to fund the loan with a lower cost solution, however, due to timing requirements proceeded with Morrison Financial as we were able to move quickly in assessing the situation and funding the loan. Since this time, Morrison Financial has taken its ability to move quickly and combined this with the strength of Meridian Credit Union to provide competitive financing costs to borrowers. In this situation a blended loan solution was sought. About half of the unit owners opted out of the loan and chose to pay the assessment for the work up front. This blended scenario allows flexibility for all owners.
Location
Ottawa, 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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