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.

What can you finance with a
Condo Term Loan?

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

It’s simple and easy to get started and we’re here
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

With 75 years of banking history and over $26.6 billion in assets under management, Meridian is Ontario’s largest, and Canada’s second-largest credit union. Every day, Meridian delivers a full range of financial services to 370,000 Members digitally, over the phone, and through a network of 89 branches.

About Meridian Business Banking

Meridian Business Banking serves more than 25,0000 Members, offering a full suite of banking services including cash management, financing, and business credit cards. Additionally, specialized industry teams focus on Corporate Finance, Real Estate, and Development sectors.

Interested in learning more? Schedule your free 15-minute consultation call today or subscribe to our monthly mailer.

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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.

In short, yes. The loan is to the condominium corporation, however, ‘opt outs’ may be permitted. This allows those owners who prefer to pay the assessment up front the opportunity to do so, and allows those unit owners who do not have such capacity the option to participate in the loan. With this structure even those who plan not to participate in the loan may vote in favour of borrowing to allow other owners the opportunity and results in a net positive for the corporation.