Non-Revolving Line of Credit

• Special property renovation, financing to be converted to term loan
• Monthly payments of interest only

Term Loan

• Outstanding balance amortized up to twenty (25) years
• Rate adjusted every five years based upon current market conditions

Revolving Line

• Finance normal maintenance projects
• Annual renewals
• Interest payable monthly

General Terms for Condominium Association Loans

• Attorney fees only if Bank counsel to consult with Association counsel
• Collateral will be Assignment of Assessments and all related rights and privileges

Application Checklist

• The Association's Accountant prepared fiscal year end financial statements and tax returns for the last two years.
• A copy of the current fiscal year budget with year to date actual results for the current year and projected budget, if applicable.
• Current list of accounts payable.
• Copy of recent deposit account statements to confirm operating and reserve account balances.
• List of owners, tenants, addresses and assessment per unit. Itemized delinquency report.
• Copies of By-Laws and Declarations inclusive of all subsequent amendments.
• Detailed description of improvements/repairs planned and copies of bids, proposals, contracts, engineering reports and reserve study.
• Delinquency collection policy, units owned by the association; and owner occupancy ratio.
• Names, addresses and phone numbers of accountant, attorney, contractor, and current Association Board members including the length of time and number of terms each Board member has served.
• Copy of the past three months of Board meeting minutes, including a resolution to borrow and repay a loan and pledge the assessments as collateral.
• Describe any lawsuits brought by or against the association.
• Association characteristics: number of units, buildings and amenities