We provide private loans to the owners of condo associations and HOAs with 25 units or less for the association’s use. The minimum loan size we will make is $5,000. The maximum loan size is $50,000. These are short term loans for one year.
We spread out the payments between the owners. We charge owners one monthly payment by credit card or ACH payment for principal re-payment and a 20% interest payment.
For a $30,000 loan to a 10 unit association, we will charge each owner $300 per month for 12 months.
- $30,000 principal amount + 20% interest is $36,000.
- $36,000 divided between 10 owners is $3,600.
- $3,600 over 12 monthly payments is $300 per month.
Loans can be funded within two weeks and we charge a $650 administration fee due at loan closing.
These are non-recourse loans to the individual owners of the association, not to the association itself. If borrower is late, then we will charge a late fee of 10%. Borrower delinquency or non-payment will be promptly reported to consumer credit bureaus.