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HOA Loan Topics

HOA Loan Articles

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

hoa loans Since 2007, we have been putting together condo associations and HOAs with qualified lending partners that understand the business of community associations.  CondoAssociation.com is prepared to help your condo association or HOA get the money it needs. 
Simply fill out the form and our banking team will contact you within 2 business days.

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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HOA Loan or Condo Association Loan uses

  
  
  
  
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HOA loans and Condo Association Loans to community associations, condo associations and HOAs are becoming more popular.  HOA Loans, also knowns as Condo Association loans are a great alternative to special assessments to condo association owners, because the condo association get the HOA Loan or Condo Association Loan proceeds up front and the HOA loan can be paid off over time, enabling the HOA or condo association to build in the cost of HOA loan into future condo fees or sporadic, smaller condo assessments.

Some uses for HOA loans include, but are not limited to:

  • Purchasing condo units or new property for common use
  • Construction defect litigations against condo developers
  • HOA reserve and Condo reserve funding
  • Condo Association elevator repairs and replacement
  • Condo Association brick re-pointing
  • Condo Association roof replacements
  • new heating and plumbing, air conditions, boilers, windows for Condo Associations
  • Condo Association building lobby renovations
  • HOA parking lot repairs and re-paving
  • Condo building or repairing water, sewer and electricty infrastructure
  • Refinancing of exisiting HOA loans or condo association loans
  • Condo Association building or repair of common areas including community centers, tennis courts, golf courses, club houses, and other facilities.

HOA Loan and Condo Association Loan providers usually work with condo associations to provide innovative HOA loan structures to just about any situation.  Other solutions include a Condo Association Credit Lines which HOAs can tap at their discretion to increase their cash flow in the form of condo reserves.

See application requirements for a condo association loan or an HOA loan.

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