Borrowing for Condos-What to Do When Shortfalls Occur
September 22, 2021
12:00 PM - 01:30 PM
This is another joint event between South and North Saskatchewan, providing expanded education to our members.
By the time a condo building reaches 40 to 50 years of age it will have gone through several partial or complete retrofits, likely in stages. The older it gets the higher priced components need replacing even if well-maintained. Many Corporations have not accumulated sufficient funds for this and call for a Special Assessment, but a Condo Loan could be the answer.
What to Do When Shortfalls Occur
Join us as our Expert Panelists cover :
What you need to know…
- …as a Unit Owner
- …as a Board Member or Manager
Some of the information covered:
- Loan to Condominium Corporation- not to Unit owners
- Units are not mortgaged
- Non-traditional financing
- Legislation covering Borrowing
- Rational for Borrowing
- Provides option for those who cannot pay a Special Assessment
- And so much more…..
Panelists:
- Jim Wallace of Condominium Financial
- Ryan Griffith of CWB Maxim Financial