In partnership with
Simple financing solutions for your condominium corporation
From building envelope and parking garages to roof replacements, our condo and strata loans spread the cost of the assets over their lifetimes.
Benefits of a Condo Term Loan
Manageable Monthly Payments
Not all unit owners are alike and our loans can be to all unit owners or a portion of unit owners regardless of the fact that it is to the condominium corporation
No Notice Registered on Unit Title
There will be no lien or mortgage security registered on the title of any individual unit. The loan is to the condominium corporation
Pay for the Asset Over its Life
By paying for the repair or replacement to your condominium over 5, 10, or 15 years, you pay as you use and avoid a special assessment
Does Not Affect Borrowing Capacity
Because the loan is to the condominium corporation it will not affect the personal borrowing capacity of the unit owners
Our process
to answer your questions every step of the way.
Schedule a 15-minute consultation
Whether you’re a board director, property manager, or unit owner, someone from Morrison Financial, who is licensed as an expert in condominium lending, will be in touch with you to answer your questions.
Fill out the necessary information
If you’re interested in moving forward, we can schedule another discussion, or we can send you all the necessary documents to get you started.
Receive the loan amounts
After we agree on the terms of the loan our teams will work together to fund your loan.
“Commitment to our clients and a strong sense of service remain the cornerstones on which Morrison Financial continues to build.”
David Morrison
Founder, Morrison Financial
In 2020 Morrison Financial formed a partnership with Meridian Credit Union to enhance your experience.
About Meridian
About Meridian Business Banking
Interested in learning more? Schedule your free 15-minute consultation call today or subscribe to our monthly mailer.
Condo Loan FAQS
Yes, a condo can borrow, provided that the majority of unit owners vote in favour of doing so.
Major Repair and Replacement
Commonly condominium corporations will borrow to repair building envelope deficiencies, balcony, window and doors, parking garages, elevators, or to replenish the reserve fund.
In some instances, the developer of a new building retains ownership of various assets for sale to the condo at the time of its registration subject to taking back a mortgage for their payment. Often, a CondoTerm loan can replace these developer loans under more attractive terms.
Since a condominium loan is a commercial loan that is not secured by real property the interest rates are slightly higher than a traditional mortgage. Typical rates will be in the range of 4.50% to 5.50% depending on various market factors which change from time to time.