Condo trustee signed a document stating that 75% of the Membership voted to allow a loan to be sought by the Trustees. It clearly states that
What happens if a 10 year HOA loan is taken out by an association and is allocated to all its unit owners, and one of owners sells his/her unit?
HOA has three new members, yet we can’t figure out why a loan balance shows up on the financials from the management company
Our association recently obtained a loan from a bank to perform roofing needs to all units in the Association.
I recently moved into a condo association which did not disclose in any fashion on its financials a loan of over $300,000.
HOA lender is stating they need proof of Fidelity Bond insurance to be able to fund the transaction.