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. Condominium Financial partners with established institutions to provide a solution that averts special assessments and reduces repair delays. It is a unique and viable option that keeps everyone happy – owners and property managers alike.
- Will attend board meetings and provide education on the loan process to the condo board with a presentation that includes the FAQ’s, how the loans work, generic proposals, and information on how to pay for a loan and answer any questions on the loan process.
- We prepare all the loan proposals to multiple lenders on behalf of the condo board, no paperwork is filled out by the board or property manager.
- Will present any loan proposals and all other related information of the loan to the condo board and explain the differences between proposals received. We highlight the important parts so you don’t have to find them yourself.
- Will help prepare the information package sent to owners about the information meeting where owners can hear about the loan option. Our expertise for these meetings helps make the process easier for the boards and property managers.
- We will present the loan information to the owners at the information meeting, no need for the board to explain, we will answer the questions about the loan.
- Will help with setting a meeting for the loan documents to be signed but the condo board, will also provide the information and items required to complete the loan document package. Saving the board time, delays, and missing information.
- Will help with the loan draw requests during repair, no need to run around, we do it.
- Provide referrals for any other services needed by the condo in relation to the repair work to be done, such as legal, contractors, engineers, project management, etc. We have done this for numerous condo corporations with loans, helping both the board members and property managers.
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.
The Lending Market Does 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 assessment on it? Fees charge by financial institutes can be large to open your mortgage up for extra funds.
Condominium Financial provides every owner the opportunity to be involved, with no paperwork for you to fill out
Condominium Corporation loans can be a beneficial and workable resource for Condo Boards and owners alike, who are faced with the difficult reality of Special Assessments when their reserve funds do not have the adequate amounts necessary to cover repair costs. Condo Boards and Owners want a solution that maintains or increases the equity value of their homes and the borrowing option can help produce that result.
Our corporation faced a construction disaster in 2019 which necessitated 9 million dollars of repair work amongst 168 owners. Jim Wallace and Condominium Financial expertly guided our volunteer board or directors, engineer, legal counsel, property management and all homeowners through the complexities of loan options and the evaluation of different loan vendors to choose the right path forward for us. Jim has continued to support all parties, especially the BoD and owners through the loan draws, interest calculations and is just a phenomenal source of support and information. This would not have been possible without his extraordinary knowledge in this very specialized field.