If your homeowner association has maintenance or repairs it must do today, along with a limited budget, it may be time to consider a loan. Here are tips for making sure you get members’ approval and good loan terms before you sign on the dotted line.
1) Find a lender who knows homeowners associations. “You have to shop around,” says Edward Taylor, the principal at the Law Office of Edward M. Taylor in Smithtown, N.Y., who’s also president of the Community Association Institute’s Long Island chapter. “You can’t just go to the bank you do business with or the one where your association’s president personally banks. Some banks don’t know what they’re doing and how to handle a loan to a common-interest association. Other banks have very specific and developed programs for associations, and those programs vary from one lender to another.”
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