CondoAssociation.com Announces HOA Construction Loan Program
Construction loans are now available exclusively to Townhomes, Condo Associations, Cooperatives, Office Condominiums, Timeshares and Homeowner Associations (HOAs) at CondoAssociation.com at very competitive rates and terms depending on the Association's creditworthiness.
While traditional construction loan interest rates can be anywhere between 8-15%, CondoAssociation.com can offer very favorable terms to Community Associations because of specialty HOA loans which are secured by an assignment of the assessment rights. Construction loans traditionally use the property asset as collateral or control of the association's cash.
This HOA loan structure offers a bright spot to Community Associations and other types of associations looking to start or complete new construction projects, whereas traditional construction loans may be too expensive or not available.
- HOA Loans for construction don't require a lump sum down payment
- Traditional Loan To Value (LTV) models don't apply to HOA Loans
- Construction loan uses may include, but are not limited to renovations, the purchase of units or land leases construction defects and construction defect litigation and renovations.
- HOA loans also apply to Condo Associations, Homeowner Associations, Community Association, Co-Ops and Timeshares.
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