- Dramatically inflate your condo fees.
- delay repairs and risk extensive damage causing costs and expenses to become unrealistic.
- Impose a special assessment for an amount that could be a lot more than you’re willing or able to pay.
Condominium Financial advisors will meet with you at no charge to review and discuss another option, a loan to help cover all expenses involved in the repair.
We offer you the best education and service to help you complete the loan process.
This means that you are fully knowledgeable to all the options available. To help you decide what is best for your Condo corporation.
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. Condomiunium Financial provides every owner the opportunity to be involved, with no paperwork for you to fill out.
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.