Specialized loans to community associations, condo associations and HOAs are becoming more popular.  Condo association loans are a great alternative to over-assessing association members, because the association get the funds up front and the loan can be paid off over time, enabling the HOA or condo association to build in the cost of loan into future condo fees or sporadic, smaller assessments.

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

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

Lenders usually work with associations to provide innovative loan structures to just about any situation.  Other solutions include an Association Line of Credit which HOA's can tap at their discretion to increase their cash flow.