Condominium Corporation Boards across Canada are faced with a constant need for funds to retrofit or upgrade the common areas of the buildings they live in. Roof repairs and installation, energy retrofits, parking lot construction, building wraps, HVAC, and other major items can cost millions of dollars.
Once a Board has determined that repairs or improvements are necessary to maintain the building infrastructure, the next step is determining financing options and selecting suppliers. Financing options can include: depletion of existing reserves, direct one-time assessment increases on owners, or securing third party financing from a knowledgeable specialist.
The following are some of the advantages of financing condo improvements with LCC:
- Competitive fixed rate financing.
- Loan terms from 3 to 10 years with up to 20 year amortization.
- Condo corp avoids depletion of reserve fund.
- Owners do not have to seek multiple, separate sources of personal financing to cover one-time assessment costs.
- The loan payments are pro-rated to the owners and added to the monthly Condo maintenance fee. This benefit is important in that you pay as you benefit from the improvements but if you move this cost is passed on to the next owner.
- There is no security taken over each individual unit.
- Speed. If the condo requires an immediate retrofit or upgrade, Lift can provide immediate funds subject to normal credit diligence and processing.
- Owners do not have to source bridge-financing for multi-stage projects, Lift can provide tranche financing on projects requiring longer lifecycle to complete.
- Team. Lift has a team of dedicated professionals that appreciate condo business and the opportunity it represents.
Please contact us anytime for a confidential discussion of your particular needs.
Apply here and one of our Condo Finance specialists will contact you.  |
