Which HOA Loan or Condo Association Loan is Right for You?
The fees, rates and other details for any individual loan are determined at the time a comprehensive application is made to the bank. However, the general parameters of our HOA loans include: A $50,000 minimum, and $10 million maximum.
An initial structure as a "non-revolving" line of credit during the construction phase of six months to one year. Once construction is completed, the line of credit is converted to a term loan.
Terms: one to seven years. Fixed and variable interest rate programs available. As collateral for the loan, the bank normally takes an assignment of any assessments connected with repayment of the loan plus the association's lien and assessment rights, and typically does not require personal guarantees or trust deeds against the residences of individual association members.