SOLUTIONS
When a condo corporation faces a special assessment, unit owners bear the full cost immediately. There is another option. Condominium Lending Group provides financing that replaces the lump sum with manageable monthly payments — no personal guarantees, no security registered against individual units.
Financing Arranged
Condo Corporations Served
Provinces & Territories Served
Initial Response Time
THE CHALLENGE
A special assessment on a condo is an additional charge levied on unit owners to cover expenses the reserve fund cannot absorb. It might arise from an underfunded reserve, an aging building system that failed earlier than projected, or a major repair that simply cannot wait.
The problem is not the repair. Buildings need work. The problem is how the cost gets distributed. A special assessment collects the full amount immediately from every unit owner — sometimes thousands of dollars per unit with 30 to 90 days notice. Some owners can manage that. Many cannot.
Owners who bought their unit recently had no opportunity to contribute to the reserve fund during the years it was underfunded. They now face the full cost of a problem they did not create. Boards that issue large special assessments without presenting alternatives often face significant owner pushback — and sometimes litigation.
THE SOLUTION
Condominium Lending Group lends directly to the condo corporation. The corporation uses those funds to complete the required repair or cover the shortfall, and repays the loan over time through monthly contributions collected from unit owners as part of common expenses.
The loan is made to the corporation — not to individual owners. No security is registered against individual unit titles. Owners do not provide personal financial information or guarantees. Their financial obligation is limited to their proportionate share of the monthly repayment, which is a fraction of what a direct special levy would cost.
For a 100-unit building facing a $500,000 project, a direct special assessment means $5,000 per unit. A condo corporation loan repaid over 10 years typically costs each owner between $50 and $80 per month — less than most monthly streaming subscriptions combined.
THE PROCESS
Most corporations receive an initial response within one business day. Here is what the process looks like from first contact to funded.
Reach out with a brief description of your building, the financing need, and your timeline. You do not need final pricing or a confirmed project scope to start the conversation.
We review your reserve fund study, financial statements, and project details. Most corporations receive an initial response and preliminary financing overview within one business day.
Once approved, funds are deployed directly to your corporation. Your building gets the work done with no special levies and no financial disruption to owners.
Once the bylaw is approved, funds are advanced directly to the corporation. Repayment begins through monthly common expense contributions.
WHO WE WORK WITH
The different types of corporations that Condo Lending works with across Canada.
Registered condo corporations in Ontario, BC, and Alberta facing reserve fund shortfalls, unexpected repairs, or capital projects where the cost exceeds available reserve funds.
BC strata corporations dealing with a strata special levy or contingency reserve fund shortfall. Financing works the same way under the Strata Property Act as it does under the Condominium Act.
We understand that our financing decisions affect real people — unit owners, board members, and the communities they live in. We take that responsibility seriously in everything we do.
No. The loan is made to the condo corporation as a legal entity. It does not appear on any unit owner’s personal credit report and has no effect on their credit score or borrowing capacity. Owners are not asked to provide personal financial information. Their obligation is limited to their proportionate share of the monthly common expense increase used to repay the loan.
Yes. To pass a borrowing bylaw, the board first approves it, then it goes to a vote of all unit owners. The threshold in Ontario is a majority of all owners in the corporation — not just those present at the meeting. That means 50% of units plus one must vote in favour. We provide the documentation and financing summaries your board needs to present clearly to owners before the vote.
Yes. A condo corporation loan does not prevent unit sales. The existence of the loan is disclosed as part of the Status Certificate when a unit is sold — which is standard practice for any material financial obligation of the corporation. Maintaining competitive condo fees after implementing a loan is an important consideration for boards, but the loan itself does not restrict sales.
They are the same concept under different legislation. A special assessment is the term used in Ontario and most provinces under the Condominium Act. A strata special levy is the term used in British Columbia under the Strata Property Act. Both create the same financial burden on unit owners. Condominium Lending Group provides financing for both, structured around the governance requirements of each province.
Most corporations receive an initial response within one business day. For straightforward reserve fund or special assessment financing, the full process from initial contact to funding typically takes 2 to 4 weeks. Having your reserve fund study, current financial statements, and project details ready will speed up the review. Contact us early — boards that engage a lender before finalizing their communication to owners are in a much better position.
GET STARTED
There is no cost to the initial conversation. Tell us about your corporation and we will walk you through your financing options — no pressure, no obligation.
