---
title: Can we get an HOA loan with seven units?
description: We are a 7 unit association in the State of Maine. We are non-profit. Can we get a loan for repairs?
---

[Condo Q&A ](https://www.condoassociation.com/blog)

# [Can we get an HOA loan with seven units?](https://www.condoassociation.com/blog/tabid/19257/bid/98645/we-have-7-units-in-our-condo-association-can-we-get-a-loan.aspx)

 Written by [stephen polinsky](https://www.condoassociation.com/blog/author/stephen-polinsky) | Tue, May 28, 2013 @ 12:04 PM

Q: We are a 7 unit association in the State of Maine. We are nonprofit. Can we get a loan for repairs?

A: Not through banks that specialize in condo association loans.  Unlike mortgages, condo association loans are secured by the association's cash flow based on monthly owner fees.  As a rule of thumb, banks like to deal with associations that have a minimum of 25 units in order to help mitigate the risk of the association not being able to pay back the loan due to owner delinquencies. Most banks require a minimum loan amount of $100,000. Loans are typically for a term of 15 years, unless the association has specific needs.  

[View full post](https://www.condoassociation.com/blog/tabid/19257/bid/98645/we-have-7-units-in-our-condo-association-can-we-get-a-loan.aspx)

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