Parama is now offering financing on Co-Op Apartments. For more information on rates and loan requirements contact our lending department.
- Financing up to 80% of the appraised value of a Co-Op Apartment.
- Amortization of up to 30 years.
- Loan terms of 1-5 years.
- Fixed and variable interest rates.
- Pre-approvals available.
Robert McLister from the Financial Post (January 24, 2025), discusses the advantages and challenges of financing co-op apartments, in comparison with traditional condos. In terms of financing, most banks are hesitant to offer mortgages for co-ops, but Credit Unions like Parama Credit Union and similar institutions in Toronto are among the few lenders that provide co-op loans. These smaller Credit Unions offer longer amortization periods—up to 30 years—compared to the 25 years typically offered by larger lenders.
Contact our Mortgages & Loans department for more information.