From capital repairs to reserve-fund replenishment — spreading the cost fairly across the owners who benefit, over time.
Whether the corporation faces a major capital repair, a depleted reserve fund, or an expiring loan — the traditional response is a special assessment. A one-time, lump-sum ask of every owner, due immediately. CondoCorp Term Financing replaces that shock with a structured loan to the corporation, repaid through modest monthly common-expense increases — the way a homeowner uses financing rather than paying cash for their home.
Collects the full cost from owners at once. Financial shock for residents, pressure on property values, and delay on the corporation’s priorities while owners arrange funds.
The corporation borrows; repayment flows through common-expense assessments. Fair across owners, predictable for the Board, and protective of owner equity.
A clear, four-step path. Morrison structures the facility, supports the owner vote, and closes the loan — working alongside the Board, the property manager, and the engineer.
A capital repair, reserve-fund replenishment, refinancing of an existing loan, or financing of a corporation-owned asset. The Board requests a proposal from Morrison.
A financing structure tailored to the corporation’s need, budget and owner profile — including amortization scenarios and monthly cost-per-unit breakdowns.
The Board brings the proposal to a vote under applicable provincial legislation. Morrison can provide Town Hall materials, presentation decks, and FAQ guides on request.
Once the borrowing by-law is passed, credit approval obtained, due diligence completed and documentation executed, the loan closes and funds are advanced.
Every CondoCorp Term Financing facility is structured to suit the governance, cash-flow and legal requirements of condominium corporations across Canada.
Request a proposal →Minimise monthly impact on each unit by spreading cost across a realistic timeline.
A fixed interest rate for the term of the loan — no surprises mid-term.
Available on construction facilities — funds advanced as milestones are certified.
Available during construction drawdown, where applicable to the project.
From unit owners or board directors, under our standard loan structure.
Built into your existing budget structure — no new collection mechanism required.
Coordination with the corporation’s engineer, integrated into capital planning.
Available to condominium corporations across Canada — except Quebec at this time.
While it remains the corporation’s responsibility to ensure funds are properly deployed, our usual oversight can contribute to this end.
Where applicable, construction advances can be tied to certified milestone reports from the corporation’s engineer, helping to ensure funds are released as work is verified complete.
Draw requests may be supported by a formal advance certificate addressing work completion, holdback compliance and lien-free status before funds are released.
Where helpful, we can coordinate with the corporation’s engineer to incorporate the loan into long-term capital planning — supporting reserve-fund compliance and fund health.
Apart from lending, and depending on the corporation’s needs, we offer advisory-level support to help Boards navigate the process from proposal to repayment.
A comparative model showing how construction-cost inflation can outweigh the benefit of waiting for lower rates — helping Boards assess whether acting now is the more fiscally responsible option.
A Morrison representative can attend your owners’ meeting — virtually or in person — to field complex financial questions, relieving the volunteer Board of the pressure to act as financial experts.
Where required, we coordinate with the corporation’s engineer to incorporate the loan into long-term capital planning — supporting reserve-fund compliance and fund health over time.
Proposals typically include amortization scenario comparisons, monthly cost-per-unit breakdowns and clear summaries of all terms and conditions — ready for Board and owner review.
Boards sometimes delay financing in the hope that interest rates will drop further. But construction costs have been rising significantly year over year. A lower rate on a larger project cost can result in higher total borrowing — and further deterioration of the building in the meantime.
Morrison Financial can provide a Cost of Waiting analysis on request to help Boards make an informed, evidence-based decision rather than relying on assumptions about rate movements.
Illustrative figures for a typical mid-size corporation. Enter inputs on the right to estimate the corporation’s monthly payment and the approximate cost per unit — or request a formal proposal for terms specific to your corporation.
The structure we propose is built to answer these concerns — on paper, in advance of any vote. If something’s missing, a short call is usually the fastest way to address it.
No. The borrower is the condominium corporation itself, not individual unit owners. Security typically takes the form of a general security assignment over the corporation’s assets, and repayment flows through common-expense assessments. No lien is registered against any individual unit. Specific security requirements are confirmed during the credit approval process.
The loan obligation stays with the corporation, not the individual owner. A new owner inherits the existing common-expense obligations — including the loan repayment component — as they would with any other line item. Under our standard structure, no balloon payment or transfer fee is triggered by a unit sale.
This depends on your province. In Ontario, borrowing typically requires a section 98 by-law, passed by a majority of unit owners at a properly convened meeting. In British Columbia, a 3/4 strata-corporation resolution is required. Morrison structures each transaction to comply with the applicable provincial legislation. Boards should confirm specific requirements with the corporation’s legal counsel.
The loan is an obligation of the corporation. Our standard structure does not require personal guarantees from Board directors or unit owners. Directors remain subject to their usual fiduciary and statutory duties under applicable condominium legislation, but the debt itself is a corporate obligation.
The loan is designed to work alongside the reserve-fund plan. By financing capital expenditures externally, the corporation avoids depleting the reserve fund, which can continue to grow and fund future capital needs on schedule. Where the reserve fund is already depleted, Morrison can also finance a direct reserve-fund replenishment. Where required, we coordinate with the engineer to integrate the loan into long-term capital planning.
Capital repairs and replacements of common elements (garage, roof, envelope, elevators, windows, mechanical systems), reserve-fund replenishment, refinancing of existing corporation loans, and financing of corporation-owned assets such as guest suites and superintendent suites.
Tell us about your corporation and what you need financed. A member of our team will reach out to discuss structure and next steps.