From building envelope and parking garages to roof replacements, our condo and strata loans spread the cost of the assets over their lifetimes.
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
There will be no lien or mortgage security registered on the title of any individual unit. The loan is to the condominium corporation
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
Because the loan is to the condominium corporation it will not affect the personal borrowing capacity of the unit owners
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.
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.
After we agree on the terms of the loan our teams will work together to fund your loan.
Founder, Morrison Financial
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.