Please refer to the Floor Plans section for sample pricing lists. For more specific numbers regarding payments and costs, please contact a mortgage professional. A lawyer will also be helpful in advising you of any other costs that you will be responsible for on closing and any tax rebates that may apply to you.

ARTSCAPE MORTGAGE 

• The value of the Artscape Mortgage is 25% of the purchase price, which means that purchasers must come up with only 75% of the purchase price in order to complete their purchase and own their unit.  You pay 5% deposit as a down payment upon purchase and need to secure funds for the remaining 70%
• With a 5% down payment, the remaining 70% portion of the purchase price can be financed through a first mortgage with any financial institution.  Artscape has arranged attractive terms with Creative Arts Savings & Credit Union, a new banking institution based in Toronto that was formed to meet the needs of creative professionals.  Click here for more information on Creative Arts’ mortgages for Artscape Triangle Lofts
• Lenders recognize the Artscape Mortgage as equity that purchasers have in the unit they are proposing to buy, which helps them to obtain a loan from a bank to complete their purchase
• The full value of the Artscape Mortgage remains on title until the unit is resold. The Artscape Mortgage does not involve payments for the duration the unit is owned. The Artscape Mortgage has to be repaid, with no accrued interest, only at the time of resale
• The Artscape Mortgage will be registered on title to the purchaser’s unit and will rank behind the mortgage that the owner will give to his or her financial institution
• The Artscape Mortgage is a shared-appreciation mortgage – this means that if the value of the unit increases, then, in addition to repaying the principal amount of the Artscape Mortgage when the purchaser sells his or her unit, the purchaser also pays to Artscape a certain percentage of the increase in value in the unit at the time of re-sale
• Artscape also shares the risk – if at the time of its re-sale the value of the unit has declined below the original purchase price, then there is no interest payable and the principal amount of the Artscape Mortgage that has to be re-paid is reduced by the difference between the re-sale price and the original purchase price

FIRST MORTGAGES
Together, the Artscape Mortgage and the Down Payment comprise 30% of the purchase price of a unit. Purchasers must therefore finance the remaining 70%.

This can be financed through a conventional first mortgage with any financial institution. As one option, Artscape has arranged attractive terms for unit purchasers with Creative Arts Savings & Credit Union, a new banking institution formed to meet the needs of artists and non-profit arts professionals. 

"At Creative Arts, being in the creative industry starts the conversation – not ends it, like at the banks. Creative Arts understands the special circumstances of the self-employed – circumstances such as variable income, or one cheque a year. It’s a banking solution for you, by you, and about you.  As an artist, Creative Arts "gets" you. Purchasers will be required to qualify."

You will find a full product and service menu at Creative Arts, including mortgages. Creative Arts is a separate and is independent of Artscape, and therefore cannot make any representations about its practices, policies or procedures. 

Click here for details on mortgage options for the Artscape Triangle Lofts project at Creative Arts Savings & Credit Union.

MORTGAGE PAYMENT CALCULATOR
A mortgage payment calculator is posted below to help you estimate the cost of ownership in Artscape Triangle Lofts.