Question:
This question is submitted by John S. out of New Jersey
Our Condo Association has large negative retained earnings despite having raised maintenance fees three times over the past two years. We need to raise money again to replace four elevators.
I don't believe a bank would lend money based on our finances at present. The amount required will be close to $1mm to replace our elevators. We cannot raise maintenance fees further. Any suggestions?
I don't believe a bank would lend money based on our finances at present. The amount required will be close to $1mm to replace our elevators. We cannot raise maintenance fees further. Any suggestions?
Thoughts?
Answers (8)
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