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My association is looking into hiring contractors to change sidings on our buildings. Project is estimated to cost around $250k. Would it be possible for association to consider a loan from the bank instead of, say special assessments? Is borrowing from banks normal practice of HOA's? Thank you for your help Regards, Toni
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Banks will consider lending to a condominium association. As with any loan, the bank will review the credit of the borrower and the collateral it can offer to secure repayment of the loan. You should contact the association's bank to start.
Answered on Oct 11th, 2016 at 10:34 AM