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:MailingAddress: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 Informationa. The Association's CPA prepared fiscal year end financial statement for 2006 & 2007. (If CPA preparedfinancial 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).