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Condo Association Insurance Articles

HOA Loan Topics

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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Condo Association Loan Application

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After your condo association receives loan proposals from our lenders, the next step is to fill out a HOA loan application form and submit required condo documents. 

Here is a sample HOA loan application form and required documents.

Condo Association Information:
Date:
Association Name:
Physical Address:
City: 
State:
Zip:
E-mail/Web Site:
Federal Tax Identification #:
 
Condo Association Loan Request:
Loan Amount: List in detail what the funds will be used for and the estimated amount associated with each use:
Forward copies of any accepted contractor's bid (or proposal) and engineer's report (if available) on the project.
Proposed steps to repay the loan:
 
Condo Association President's Name:
Mailing Address:
City:
State:
Zip:
Phone:
Fax: 
E-mail:
Web Site:
 
Property Management Company:
Property Manager Contact:
Mailing Address:
City:
State:
Zip:
Phone:
Fax:
E-mail:
Web Site:
 
Condo Association Attorney:
City:
State:
Zip: 
Phone:
Fax:
E-mail:
Web Site:
 
CPA:
Firm:
Zip:
Phone:
Fax:
E-mail: 
Web Site:
 
* If your loan request is greater than $1 Million OR delinquencies exceed 5% OR the budget needs to increase more than 100% to support the loan OR there are other unusual characteristics associated with your loan request, the bank may request additional information in connection with the application.
 
HOA Insurance:
Firm:
Mailing
Address:
City: 
State:
Zip:
Phone:
Fax:
E-mail: 
Web Site:
 
HOA Reserve Study:
Firm:
Mailing Address:
City:
State:
Zip:
Phone: 
Fax: 
E-mail:
Web Site:
 
Items to be submitted with the application: Check Off Items Sent
Financial Information
a. The Association's CPA prepared fiscal year end financial statement for 2006 & 2007. (If CPA prepared
financial statement is not available, please forward the internally prepared fiscal year end financial statement for 2007 with year end actual results versus budget comparison.)
b. A copy of the current fiscal year's budget with year to date actual results for 2008 with balance sheet.
c. A copy of the coming year's budget if it has been constructed and ratified (if applicable).
d. Itemized current list of receivables showing the obligor's name, unit number & amount due.
 
Other Items
  • A copy of the By-Laws and Declarations inclusive of all subsequent amendments.
  • Name, title and contact information of Board Members.
  • Copy of the current assessment collection policy.
  • Listing that includes the names of all unit owners with their unit number and mailing address.
  • Describe the lawsuits brought by or brought against the association (excluding foreclosures).
As of "To Date"
a. Number of foreclosures in process.
b. Number of units held by absentee owners.
c. Number of multiple unit owners.
d. Number of units bank or government owned.
e. Estimated market value of units.
 
Copy of Insurance information showing types of coverage and levels of coverage for:
a. Buildings and Personal Property
b. General Liability
c. Umbrella Coverage
d. Directors' & Officers'
e. Workers' Compensation
f. Evidence of Manager's Fidelity Bond
 
Describe the complex: # of units, # of buildings, amenities, size range (s/f) of units in the complex, demographics of the unit owners.