Community Association Loans
Find the financing solution that's right for you - with no brokerage fees
Quick Term Loan | Traditional Term Loan | Revolving Line of Credit | |
---|---|---|---|
Rate | Competitive low fixed rates | Rate will be quoted | WSJ Prime +1% (5% floor) |
Average Approval Time** | 3-5 days | 10-12 days | 3-5 days |
Term | 5, 7, 10 years | Varies from 5 to 15 years | Demand Note |
Minimum Loan Amount | None | $100,000 | $25,000 |
Maximum Loan Amount | $3,000,000 | No Maximum | $250,000 |
Minimum # of Units | 25 | 25 | 25 |
Prepayment Penalty* | 0% | 0% | 0% |
Suggested Uses (but not limited to) | Capital expenditures for roofs, siding, paving, emergency replacement of boilers, chillers or other repairs or enhancements to the common property | Larger planned infrastructure repairs, maintenance or enhancements to the common property | Working capital needs, minor purchases, short term insurance premium financing, vendor payments to obtain early pay discounts |
Application Fee | $500 | Fee May Apply | None |
Origination Fee | None | Origination fee may apply | 1% origination fee; $250 annual renewal fee |
Doc Fees | Fees May Apply | Documentation fee varies based on loan size | Fees May Apply |
Contact us or your Regional Account Executives Today.
Contact us or call 866-211-1956Click here to view our Account Disclosures.
* If prepayment is made by the borrower.
** Assumes loan package is complete and no additional information is needed.
*** Specific conditions must be met.