We're happy to provide you with more information about condominium finance or condominium corporation loans. These types of loans are specifically designed to help condo corporations obtain financing for large-scale maintenance or repair projects. They are often referred to as "condominium corp loans" or simply "condo loans". Opting for a loan is typically the best course of action, as it allows for the maintenance of a robust reserve fund and prevents unit owners from having to worry about paying a special assessment.
It is worth noting that obtaining financing for these types of projects can be challenging for Condo Boards and their property managers. Many Canadian banks and financial institutions require collateral for loans, and condominium corporations do not typically have property that can be held as collateral. However, there are lenders that specialize in condominium finance and are willing to work with condo corporations to provide the necessary funds. By working with these lenders, condo corporations can secure the financing they need to ensure their buildings are properly maintained and in good condition.
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The approval process takes around 2 months, once reviewed and by the Board and their lawyer and signed, the Condo Corp get its funds as per the terms of the approved loan.
Azad Mortgages can also assist in the conversion of the construction loan part into a loan with an amortization period that will ensure a good health for the condo financials.
Surani Fernando
Mortgage Agent | Administrative Assistant-Underwriter
Vasavi Nagarakanti
Mortgage Agent Level 1 | Administrative Assistant-Underwriter
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