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Condo Association Loan Application

stephen polinsky on Aug 26, 2008 4:13:00 PM

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After your condo association receives loan proposals from our lenders, the next step is to fill out a HOA loan application form and submit required condo documents. 

Here is a sample HOA loan application form and required documents.

Condo Association Information:
Date:
Association Name:
Physical Address:
City: 
State:
Zip:
E-mail/Web Site:
Federal Tax Identification #:
 
Condo Association Loan Request:
Loan Amount: List in detail what the funds will be used for and the estimated amount associated with each use:
Forward copies of any accepted contractor's bid (or proposal) and engineer's report (if available) on the project.
Proposed steps to repay the loan:
 
Condo Association President's Name:
Mailing Address:
City:
State:
Zip:
Phone:
Fax: 
E-mail:
Web Site:
 
Property Management Company
:
Property Manager Contact:
Mailing Address:
City:
State:
Zip:
Phone:
Fax:
E-mail:
Web Site:
 
Condo Association Attorney:
City:
State:
Zip: 
Phone:
Fax:
E-mail:
Web Site:
 
CPA:
Firm:
Zip:
Phone:
Fax:
E-mail: 
Web Site:
 
* If your loan request is greater than $1 Million OR delinquencies exceed 5% OR the budget needs to increase more than 100% to support the loan OR there are other unusual characteristics associated with your loan request, the bank may request additional information in connection with the application.
 
HOA Insurance:
Firm:
Mailing
Address:
City: 
State:
Zip:
Phone:
Fax:
E-mail: 
Web Site:
 
HOA Reserve Study:
Firm:
Mailing Address:
City:
State:
Zip:
Phone: 
Fax: 
E-mail:
Web Site:
 
Items to be submitted with the application: Check Off Items Sent
Financial Information
a. The Association's CPA prepared fiscal year end financial statement for 2006 & 2007. (If CPA prepared
financial statement is not available, please forward the internally prepared fiscal year end financial statement for 2007 with year end actual results versus budget comparison.)
b. A copy of the current fiscal year's budget with year to date actual results for 2008 with balance sheet.
c. A copy of the coming year's budget if it has been constructed and ratified (if applicable).
d. Itemized current list of receivables showing the obligor's name, unit number & amount due.
 
Other Items
  • A copy of the By-Laws and Declarations inclusive of all subsequent amendments.
  • Name, title and contact information of Board Members.
  • Copy of the current assessment collection policy.
  • Listing that includes the names of all unit owners with their unit number and mailing address.
  • Describe the lawsuits brought by or brought against the association (excluding foreclosures).
As of "To Date"
a. Number of foreclosures in process.
b. Number of units held by absentee owners.
c. Number of multiple unit owners.
d. Number of units bank or government owned.
e. Estimated market value of units.
 
Copy of Insurance information showing types of coverage and levels of coverage for:
a. Buildings and Personal Property
b. General Liability
c. Umbrella Coverage
d. Directors' & Officers'
e. Workers' Compensation
f. Evidence of Manager's Fidelity Bond
 
Describe the complex: # of units, # of buildings, amenities, size range (s/f) of units in the complex, demographics of the unit owners.

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Some loan uses include:

  • Repairs & Improvements
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  • Reserve funding
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  • Minimum of 10-12 units
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