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HOA or Condominium Association Loans are Perfect for Financing Projects

When residents of an HOA or condominium association are faced with a challenge, they can either ignore the problem and hopes it goes away or they can take action. For those that take action, an HOA loan or condominium association loan can be the perfect solution. One of our client condominium associations recently faced a problem of failed gutter systems which, in turn, caused severe water damage to their buildings. After taking several bids to fix the problem, the condominium association was left with the burden of paying the $250,000 price tag to cover the new gutters and fix the damage caused by the faulty gutters. A special assessment to pay for this project was unlikely to pass a vote of the residents but the repairs needed to be made or further damage would occur. Quite simply, the condominium association didn't have enough money in reserve to handle this repair.

That’s when the Board of Directors of the condominium association had an idea. Why not borrow the money to handle the repairs? The Board of Directors also wondered who would loan them the funds to make the overdo repairs since the condominium association had no real collateral. Their local bank was not prepared to handle such a loan.

Does this sound like a familiar situation? It is all too common in many of today’s aging condominium association communities all across the country. Fortunately, HOALendingSolutions.com is able to provide the perfect solution.

Thanks to a speedy loan approval from HOALendingSolutions.com, a roofing and gutter contractor was hired to purchase the supplies and begin the repairs. By securing a condominium association loan with us, the Board of Directors provided a “win/win” scenario for all community members. The condominium association loan allows individual condominium unit owners to pay for the repairs over a span of a decade instead of having to come up with a large sum in the form of a special assessment.