Our HOA Loan-Related Articles

Working With Your HOA Loan Broker

Why Work with a Loan Broker? HOA loan brokers fill a unique void. Chances are good most board members are not HOA loan experts. They have relatively little experience when applying for homeowner association loans. These types of financial transactions are complex and unique. Unlike large corporations, HOAs don’t borrow...

Types of HOA Loans

Although businesses have access to a wide array of financial products, condominium and homeowner associations are much more limited. Most condominium and HOAs can qualify for a line of credit, a term loan or a combination of the two. The ideal loan type is dependent on the association’s needs. For...

Where To Turn for Your HOA Loan

Before your condominium or homeowner association decides to move forward with financing, they should contact legal counsel to help assess whether or not the association actually has borrowing authority. The next step is to inform members of the intent to borrow funds. This is best achieved in a public forum....

5 Things HOA Board Members Should Ask About HOA Loans

5 Things Board Members Should Ask About HOA Loans  As an HOA board member, what should I be thinking about when looking for a loan? First off, you may want to download a Board Member Guide. You can then focus on key questions: Interest Rate The first thing to ask...

Financial DIY Mistakes of HOAs

Navigating the HOA loan process alone can a be risky business A friend of mine relocated from Michigan to Florida. Since he’d done his own landscaping for decades, he decided to continue this tradition at his new home. He spent thousands of dollars and countless hours planting greenery. He was...

HOA financing: now or later?

Borrow now or later? A homeowner association approached us recently for advice on an interesting issue. Their association needed to undertake an extensive and expensive repair project. They all agreed that the project was necessary. However, there was disagreement on the timing and the financing approach. Some homeowners lobbied the...

HOAs and Banks: A Not-So-Reciprocal Relationship

Banks Deny Loans Some clients call us after their regular bank has denied them a HOA loan. They are flummoxed because they (mistakenly) believed that the bank would loan money to their association.  While most board members are familiar with the car, home and/or business loans, few, if any, have...

4 Things to Know Before Applying for  HOA Loan

Here’s What Lenders Need From You If your HOA lacks the financial resources it needs to move forward with a project, there are a few things you should know about applying for a loan. HOA loans are not like home or auto loans. That’s why HOA board members should be...

Congratulations, Your HOA Received a LOI

Your HOA just received a LOI (Letter of Intent) for the loan you need. Now what? Hopefully, in your quest to negotiate a loan your HOA will receive a LOI from your bank. This document can also be referred to as a Term Sheet, Memorandum of Understanding (MOU),  or Proposal...