Condo Q&A

Should we pay off the mortgage the developer holds on our clubhouse?

Written by CondoAssociation.com | Fri, Dec 31, 2021 @ 12:00 PM

The developer of our community has a mortgage on the community clubhouse. It's a 30 year mortgage with 15 years left. The board is considering the possibility of passing a special assessment to all homeowners in order to pay off the mortgage over 2 years instead of 15. Any suggestions on whether this is a wise business move for the board to make?