When faced with expenses, homeowner association boards may find their current income and reserve structure insufficient to meet the community’s capital needs. Although HOAs can mandate a lump sum special assessment, often times this is not the ideal solution. Many condo and HOA boards turn to loans to fund their large capital projects.
A community may respond adversely to a special assessment or perhaps the funds cannot be collected soon enough to address an issue that requires immediate attention. Whatever the reason, boards may need to turn to lenders to raise the capital they need. Arch Capital Solutions can help HOAs acquire the capital they need right away.
- Street Resurfacing
- Landscape / Lighting
- Clubhouse or Other Facilities
- New Equipment Purchases
- Acquisition of Underlying or Adjacent Land
- Common Area Improvements
- Roofing / Paving Projects
- Plumbing, Heating and Air Conditioning Replacement
- Smooth Out Assessments
- Allow Members to Pay Smaller Amounts Over Time
- Quick Funding – No Need to Wait on Collections
- Guaranteed Funding Amount – Eliminate Chance of Short-Fall
- Liens are not placed on individual units
In many states, the board may actually have a fiduciary duty to find the best solution for their capital needs. Arch Capital Solutions can satisfy those duties and act as the HOA’s financial advisor.