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.
Location
Collingwood, 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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