Canada Participating Mortgage on Condo Project
Prepare a Participating Mortgage for a loan on a condominium project in Canada with this template form.
- A participating mortgage is a loan under which the lender (Mortgagee) participates in the revenues of the property.
- A portion of the interest on the loan is to be paid to the Mortgagee annually.
- A further portion of the interest will be paid from the balance of sale proceeds of each of the condo units (if any), after payment of development costs, financing charges and marketing costs.
- The borrower (Mortgagor) will be paid a general and administrative fee for construction and management of the project.
- A further project expense consisting of interest on the equity is to be paid to the developer.
- After one year, the Mortgagor can prepay all or part of the mortgage loan without bonus or penalty.
The Canada Participating Mortgage on Condo Project template is fully editable to meet your needs. Buy, download, use immediately.
Last Updated: 14-April-2016