Community Association Loans
Mutual of Omaha Bank's community association lending program is the industry leader nationwide. Competitive rates and terms make it easy to put our proposals in front of a board of directors. We offer several lending solutions including standard term loans, revolving lines of credit, and quick term loans. With the help of our experienced credit team and receipt of a complete loan package, turnaround times for approvals can be as quick as 3-5 business days for revolving line of credit and quick term, and 10-12 business days for standard term loan.
Our RAEs and dedicated regional lenders are available to train managers and board members on the advantages of borrowing to lessen the financial effect on homeowners, which is typical with major repairs and renovations. Our team will attend membership meetings to assist board members by explaining the program, so the board can obtain the necessary approvals to move forward with the project.
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.