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What Are Community Association Loans?

Roger Chase on Mar 8, 2009 9:26:00 AM

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A community association loan is a loan to the entire association to fund capital improvement repairs. The community association loan eliminates the need to incur a one-time large special assessment on residents or deplete association reserves. The loan can be structured as either a line of credit, a term loan or a combination line of credit and term loan from 3 to 15 years in length. The term loan or line of credit is secured by an association's receivables (monthly and special assessments) and reserve funds - not real estate.

Community Association Loans are also reffered to as Condo Association Loans or HOA Loans.

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Some loan uses include:

  • Repairs & Improvements
  • Restorations
  • Capital purchases and buyouts
  • Reserve funding
  • Refinancing of current debt obligations
  • Litigation and Insurance funding

General Requirements:

  • Minimum of 10-12 units
  • Minimum loan amount of $100K