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Meridian enters new lending space with $28.7 million acquisition of loan portfolio from Morrison Financial

Explosion of condo developments in housing sector accompanied with need for financing condo corporationsTORONTO, Oct. 22, 2020 /CNW/ -A Meridian has completed the acquisition of the condominium term loan portfolio of Toronto-based Morrison Financial for $28.7 million.
Meridian enters new lending space with $28.7 million acquisition of loan portfolio from Morrison Financial
Since 1992, Morrison Financial has been providing term loans to Canadian condominium corporations under the CondoCorp Term FinancingTMA brand. These loans are made to registered condominium corporations to finance capital expenditures related to major repairs, replacements, additions and alterations to common elements. A The loan portfolio acquired by Meridian consists of $28.7 million in loans to a total of 35 condominium corporations located in Ontario and Alberta. As part of the deal, Meridian and Morrison Financial will also enter into a mutually exclusive partnership in which Morrison Financial will continue to originate loans for the portfolio.
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