This condominium, a corporation located in Edmonton, Alberta, required a condominium loan for various repairs related to both interior and exterior elements of the building including, but not limited to, existing cladding, balconies, windows, doors asphalt, and boilers. The complex is located in a largely residential neighborhood and contains 78 units.
Initially, the plan was for the board of directors to collect the required cost for the project by assessment. When the assessment was issued the accounts receivable for the corporation increased significantly. To assist with the affordability of the project, Morrison Financial was able to provide a $2,300,000 loan, which amortizes over 15 years. The loan has since funded and the work has been completed.