Services

The power of Condominium Financial is having secured the co-operation of established financial providers who have the vision to see the need and have the desire to help Condominium Corporations. They would provide funds to Corporations without the necessity for collateral.

Condominium Financial can secure funds for your repairs within 4 to 6 weeks. Planning allows for the choice of a contractor, engineer and other resources. Condominium Boards do not need to have an exact dollar figure for the repairs as they can obtain a proposal with an estimated amount, this can save time for the Condo Board and eliminate waiting too long to start repairs while engaged in the loan process. Many other things can be done simultaneously during the loan process such as; getting scope & specs from an Engineer for repairs; waiting on tenders from contractors; having an information meeting for owners. It is not required to finish one of these tasks before starting the next, the optimum result is to have the loan approved and the repair contractor ready to go at the same time.

Condominium Financial is here to help.

We have helped numerous condominiums get financing to repair common property

New Condominiums:

New condominiums are not exempt! Many newer condominiums were constructed with poor workmanship. This has caused many to incur large repairs much sooner than anticipated. Which places these newer Condominiums in the same position as older Condominiums, facing a large special assessment. New condominium complexes are sold with low condo fees that could impact the Corporation’s financial stability. The idea is that the repairs are far enough out in the future that the Corporation will have enough time to build up the fund when the repairs come due.

Large Commercial Banks do not lend to Condominium Corporations.

A major hurdle facing a Condo Board or their Property Manager in finding a borrowing solution for the Owners is they discover that the major banks or financial institutions in Canada are unwilling or unable to provide this lending due to the simple fact that common property cannot be put up as collateral. Lending to Condominium Corporations is a very specialized market and there are only a few institutions in the whole country that know how to do it and are willing to do it. Condominium Financial has partnered with these institutions to help Condominium Corporations. If you have a mortgage on your unit, do you have sufficient room on your mortgage to apply the special assesment on it?

Fees charge by financial institutes can be large to open your mortgage up for extra funds. Condomiunium Financial provides every owner the opportunity to be involved, with no paperwork for you to fill outLarge Commercial Banks do not lend to Condominium Corporations . A major hurdle facing a Condo Board or their Property Manager in finding a borrowing solution for the Owners is they discover that the major banks or financial institutions in Canada are unwilling or unable to provide this lending due to the simple fact that common property cannot be put up as collateral. Lending to Condominium Corporations is a very specialized market and there are only a few institutions in the whole country that know how to do it and are willing to do it.
Condominium Financial has partnered with these institutions to help Condominium Corporations. If you have a mortgage on your unit, do you have sufficient room on your mortgage to apply the special assesment on it? Fees charge by financial institutes can be large to open your mortgage up for extra funds.

Condomiunium Financial provides every owner the opportunity to be involved, with no paperwork for you to fill out

Getting a loan was simpler and quicker than we expected. My board is very happy with the loan process and it is a solution they were looking for. — Rose Urban, Property Manager