Condominium owners can use private mortgages just like owners of detached homes. Here is what to know about private financing on a condo in Ontario.
Lending against a condo unit
We lend against individually owned condominium units in completed, registered buildings. The unit is valued and a mortgage is registered against it in first or second position.
What we consider
For a condo, the unit’s value, location, and the status of the building all play a role. A built, fully-zoned, registered unit is well-suited to private lending.
How condo owners use it
Condo owners often access equity for renovations, debt consolidation, or short-term needs, or use a first mortgage when buying or refinancing.
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If this fits your situation, start your application or contact us and we will help you understand your options across Ontario.
This article is for general information only and is not financial, legal, or investment advice. Please consult a qualified, licensed professional before making any decision.