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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 to condo 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 condo financing.
- Condo Loan terms from 3 to 7 years with up to 20 year amortization.
- Financing available for any project - building wrap, roofing, parking/garage, remodeling common areas, equipment upgrades etc.
- Avoids depletion of reserve fund and/or one-time major assessment on condo owners.
- Owners do not have to seek multiple, separate sources of personal financing.
- The condo finance loan payments are pro-rated to the individual owners and added to the monthly condo maintenance fee. This feature is important as the current owners benefit from the improvements but costs are passed on to the next owners in the event of unit sale.
- There is no security taken over each individual condominium unit.
- Speed. If the condo requires an immediate retrofit or upgrade, LiftCapital can provide immediate funds subject to normal credit diligence and processing.
- Condominium Owners do not have to source bridge-financing for multi-stage projects, LiftCapital can provide tranche financing on projects requiring longer lifecycle to complete.
- Team. LiftCapital has a team of dedicated professionals that appreciate and understand condo business and the opportunity it represents.
We provide financing for condominium corporations across Canada in British Columbia, Alberta, Manitoba, Saskatchewan, Ontario, and the Maritimes.
Please contact Doug McKenzie for a confidential discussion of your particular needs at: 1-800-530-0225 ext 233 or click Apply Now to give us an overview of your needs and one of our Condominium Specialists will contact you before the end of the business day.
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