FINANCIAL ASSISTANCE: WHY, WHY NOT AND WHO

There is a few ways a condo corporation can finance a condo partial or complete reclad project. In most cases this will be the single most expensive expense a condo corporation will endure. This can be very stressful to unit owners as typically it is addressed by what is called a special assessment. This is especially hard for new first time owners as they tend not to have a lot of equity in their home to borrow against it, to further make this difficult is the mortgage holder  may view the unit in a devalued light. In many cases this cost can be considerable and in the thousands for each owner, sometimes up to6 digits per owned unit. In any case there are situations where some owners can’t raise these funds in which case ultimately lead into foreclosure by the condo corporation. This is a very troubling situation for the all involved. The good news is that there are options to that scenario. Financing is available through a select few capital companies and small financial institutions. The interesting part of this is these are not mortgages these are set up as loans to the condo corporation, the structures of these loans are surprisingly flexible and very quick to obtain(within 1 week approval). There are many different ways to structure the loans some owners may want to do the special assessment while others would prefer to finance their portion this one of the few benefits these capital companies can help you with. If financing is an avenue your condo corporation is interested in contact us and we will reply to you with a list.