Loans to Homeowner Associations
When homeowner associations accumulate reserves that are inadequate to make important repairs and replacements, borrowing money from a commercial a bank or other source may be preferred to large special assessments. Assisting associations in applying for such loans and providing prospective lenders with all of the financial information and documents they will require is not included in management agreements with HOA clients. Accordingly, the management company will charge a fixed fee for this service. If an association is in need of a loan and is considering borrowing funds, the board should contact Michael Chulak.