Co-Op and Co-Ownership Financing

Toronto's Co-Op Experts

ECU is proud to offer financing of co-ops and co-ownerships. As a unique product, and one of very few financial institutions that offer this financing, you can rest assured that we are experts in leading you through this process and helping you get the home you want.

Co-ops/Co-ownership Financing Features

  • Financing up to 80% of the appraised value of a co-op/co-ownership apartment
  • Amortization of up to 30 years
  • Loan terms of 1-5 years
  • Fixed and variable interest rates
  • Pre-approvals available
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What is a co-op?

In contrast to purchasing a condo or a house where you own the property, when you buy into a co-op, you become a shareholder in a corporation that owns the property. As a shareholder, you are entitled to exlusive use of a housing unit in the property. All of the owners share the use and enjoyment of common elements, or common areas.

Typically, the Board of Directors of the co-operative corporation has to give its approval before an owner can see his or her shares and assign the leashold interst to someone else.

Since a co-op does not include ownershiop of the unit, co-op financing differs from a typical mortgage. ECU is proud to be experts in this department, and offer very competitive financing options for co-ops.

What is a co-ownership?

Unlike a co-operative, a co-ownership buyer does not generally obtain shares of the corporation, instead the buyer acquires a percentage ownerhip in the building and the land on which it is located. The buyer then has exclusive right to occupy a particular unit, and similar to co-ops, has shared rights with each of the other owners for access and use of common elements and common areas.

Generally, an owner in a co-ownership corporation does not need the consent of the Board of Directors to lease or mortgage his or her unit.

ECU is happy to offer financing for co-ownerships.

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