Even with a well planned reserve fund, condominium corporations can sometimes come up short.
Damage caused by severe weather, roofs or other repairs not lasting as long as anticipated or unexpected wear and tear to condo's build in the 70's, sometimes result in the reserve fund being insufficient.
In this case condo boards have two options; borrow the money or issue a special assessment.
Special assessment can cause hardships amount the unit owners. In our experience unit owners will overwhelmingly embrace the loan alternative. However boards become overwhelmed with the loan process even if they find a financial institution willing to issue loans to condo corps.
We have created a product to alleviate the roadblocks and fears institutional financing has created:
- Reasonable fees
- Fast turnaround time
- Provided all condominium by-laws and The Condo act is followed, no onerous or time consuming paper work
- Consider all loan amounts; No minimum amounts
- Directors or unit owners are not required to sign individually.
- Flexible terms to pay off loan early or extend to keep condo fees reasonable
With legal, financial, and real estate expertise on staff, we can customize a solution for your condo corporation's needs.