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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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Which HOA Loan or Condo Association Loan is Right For You?

  
  
  
  
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Which HOA Loan or Condo Association Loan is Right for You?

 

 

 

 

The fees, rates and other details for any individual loan are determined at the time a comprehensive application is made to the bank. However, the general parameters of our HOA loans include: A $50,000 minimum, and $10 million maximum.

An initial structure as a "non-revolving" line of credit during the construction phase of six months to one year. Once construction is completed, the line of credit is converted to a term loan.

Terms: one to seven years. Fixed and variable interest rate programs available. As collateral for the loan, the bank normally takes an assignment of any assessments connected with repayment of the loan plus the association's lien and assessment rights, and typically does not require personal guarantees or trust deeds against the residences of individual association members.

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