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HOA Loans - We are the most trusted source, nationwide for Community Association Lending

hoa loans Since 2007, CondoAssociation.com has been putting together condo associations and HOAs with qualified lending partners that understand the business of community associations.

Our HOA lending partners understand the business of community associations and are prepared to help your condo association or HOA get the money it needs.

HOA Loan FAQs

What is a HOA or Condo Association Loan?
An HOA loan is specialized in that it is secured with a community associations' future cash flow produced by condo fees. Lenders normally reserve the right to assess the HOA should it get behind on servicing the loan.

Why would associations need a HOA Loans?
* Capital repairs and improvements to buildings and common areas.  Examples of this include roof replacement and driveway asphalting.
    
* Litigation Funding - Its not uncommon to pursue litigation against developers and build material manufacturers for construction defects. Litigation funding can provide monies needed to get an HOA through an extending litigation process that may take years.

Who provides HOA Loans?
HOA lending is still a very specialized practice and is mostly local.  CondoAssociation.com alleviates the headache of identifying HOA loan sources for our HOA community our partner lending network. Simply fill out the form and wait for a phone call from a qualified lending partner in 1-2 business days.

How long does it take to get an HOA Loan?
It normally depends on the time it takes for the association to get financial information back to the HOA lenders and the association's attorney to write an opinion as to the association's creditworthiness and legal ability to assign assessments rights the the condo association.  This can last anywhere from 30 - 90 days.

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What Info is Needed to Apply for a Condo Association Loan?

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Each community lender is different, but typical information needed for a condo association loan or an HOA loan will be:

  • Condo Association or HOA annual financial statements and tax returns for the last two years.
  • A copy of the current association's year budget with year to date actual results for the current year and projected budget, if applicable.
  • Current association accounts payable.
  • Copy of recent deposit account statements to confirm operating and reserve account balances of the condo association.
  • List of association owners, tenants, addresses and assessment per unit. Itemized delinquency report.
  • Copies of the Association By-Laws and Declarations inclusive of all subsequent amendments.
  • Detailed description of improvements/repairs planned and copies of bids, proposals, contracts, engineering reports and reserve study.
  • Association delinquency collection policy, units owned by the association; and owner occupancy ratio.
  • Names, addresses and phone numbers of accountant, attorney, contractor, and current Association Board members including the length of time and number of terms each Board member has served.
  • Copy of the past three months of HOA or Condo Association Board meeting minutes, including a resolution to borrow and repay a loan and pledge the assessments as collateral.
  • Describe any lawsuits brought by or against the condo association or HOA.
  • Condo association or HOA general information: number of units, buildings and amenities

This information won't be needed until your Condo Association or HOA accepts a condo association loan proposal from one of our financial partners.  There is not cost or obligation to submitting a request.

Learn how Condo Association Loans and HOA Loans may help offset condo unit foreclosures.

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