Condominium Corporation Loan

A Solution for Sustainable Condo Finances in Canada

Financing Condo Building Repairs

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.

Azad Mortgages works with different lenders and ready to help you with your next condo Corp loan.

Why Would The Condominium Need Or Want To Borrow?

Most of the time, Condo corporations need money to pay for the repair of the building which may be old and need upgrades, or recently built and requires certain construction defects to be corrected. The condo corporation can finance the repair in 5-10 or up to 20 years loan and secure them strong financials and reserve funds.


Condo Board's Obligations

By Law, all the necessary work and repairs to the common property should be done by the Condo Board using the money in the Reserve Funds or getting it directly from each unit owner. In case of absence of funds, the Condo Boards and their property managers have no alternative but to approve a Special Assessment; and each unit owner has to pay its share of the total repair cost.

If the unit owner cannot pay its share of the total repair cost, they risk the same consequences they would suffer if they neglected to pay the common element fees. Azad Mortgages can facilitate condo corporation financing which is mostly the best solution that avoid the payment of a large lump sum of money at once  

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The Process Of A Condominium Corporation Loan

Loans for Condominium Corporation Financing are placed against the Corporation itself. Azad Mortgages will work with its approved lenders and submit your funding package as per the lenders’ lending criteria and required supporting documentation that may include but not limited to:

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.

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