Loan Summary

Purpose:

Major Repairs and Replacements

Loan Amount:

$1,200,000

Loan Term:

5 years

Amortization:

10 years

Status:

Funded

Exterior wall rehabilitation loan in Ottawa, ON

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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