Loan Summary

Purpose:

Major Repairs and Replacements

Loan Amount:

$2,300,000

Loan Term:

5 years

Amortization:

20 years

Status:

Funded

Building envelope and roof repair loan in Edmonton, AB

This condominium, a corporation located in Edmonton, Alberta, required a condominium loan to repair its envelope structure and repair the parking structure on the property. The property is just outside of downtown Edmonton and contains 54 condominium apartments units with underground parking.

Historically, the condominium corporation had a difficult time collecting arrears and assessments. Morrison Financial was able to provide a loan to avoid an assessment of the owners in an amount equal to $2,300,000. This loan has been recently renewed and the corporation continues as a client today.

Location

Edmonton, AB

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