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.
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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.
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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.