Question:
We are a small condo association in San Francisco. There are 7 units, so we don't pay any taxes and all the unit owners are HOA board members.
We are taking up a project to renovate our deck, roof and sewer pipes and we are budgeting around 100K for this job.
Since we are small HOA, our reserves have around 10k. We have approached many banks and got a negative reply. I understand the risk associated with the bank giving us the loan as there is no definite entity or equity on the entire condo.
Is there any other way to obtain funding other than making special assessments or digging into personal funds, which some of the unit owners are hesitating to do?
Answers (4)
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