The bank is a leader NATIONALLY in providing loans to most styles of community associations
and for the widest array of needs.
We have seen it all...
Condominium Associations ° Home Owner Associations ° Town Homes ° PUDs
Some but not all of the Loan Purposes are:
- Refinancing existing loans.
- Financing of capital maintenance upgrades which involve improvements to all areas of buildings, the site and site amenities. Projects as simple as a roof replacement to as complicated as a marina restoration.
- Financing of acquisitions such as: leased clubhouses or underlying land leases, equipment purchases, personal property for the general needs of the association and acquisition of real estate assets such as: adjacent land, recreational facilities or units within the association.
- Financing destructive testing, expert witnesses and/or attorney fees that can arise as a result of construction defect litigation lawsuits.
- Financing insurance policy premiums for associations that do not already have their assessment income stream pledged to another lender.
- Establishing lines of credit exclusive to anticipation of weather related emergencies (named storm damage).
- Financing the reimbursement of extraordinary litigation after case settlement and insurance claim shortfalls.
- Renewable energy projects and energy efficiency projects. Although delineated separately, this generally falls under the same parameters as capital maintenance improvements.
- Governmentally required building code improvements.
Minimum Requirements
- Homeowners & Community Association must be 25 units(lots) or more
- Delinquency level over 60 days past due is less than 10% of the units/lots
- Homeowners, Condominium, Timeshare, Community Associations - An elected Board must be in administrative control, not the Declarant/Developer
