As a condo owner, you need cash management and financing solutions tailored to your needs. That's why National Bank has designed a great banking package just for condo associations.
Manage your monthly condo fees efficiently and pay $0 for your day-to-day transactions with this exclusive offer.
Grow your condo fund thanks to the competitive interest rate you get with our Business Investment Account. Make your reserve fund work for you so you can cover the cost of any work that needs to be done.
Even the best-laid plans can be derailed by unexpected repairs and renovations, such as those required to meet safety standards or improve communal areas. Budget your expenses over the year with our made-to-measure financing solutions2.
How much do you pay into your reserve fund? Is it enough to cover any future work on the building?
Don't be caught off guard! Invest wisely and you'll have the funds you need to carry out any necessary work.
Can the work be divided into several phases?
If so, this is a great way to budget and pay for the work as you go without breaking the bank or borrowing money.
If the condo fund comes up short, co-owners can agree to a special assessment to finance the work.
Each owner pays a portion of the amount based on the percent of the property they own. They can dip into their personal savings or opt for individual financing.
Even if everyone agrees on this solution, certain issues may arise. Some people may not have the funds readily available, which can make for a delicate situation and delay the start of work.
You can also finance the work by applying for a business loan as a condo association. This option has three major advantages:
Cette solution présente trois avantages de taille :
Do you already have a Business Investment Account? Find out how you can grow your condo fund by making an appointment with one of our Financial Planners