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Subject: Loaning Money To the Association
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Author Messages
LuciusD


Posts:0


07/20/2006 8:27 PM  
Has anyone ever had any experience with an association borrowing money from individual owners?
If so, what sort of contractual arrangement was used.
Lou Day - Colorado
JulieS
(Georgia)

Posts:412


07/21/2006 6:54 AM  
Personally, I wouldn't go down that road. If money needs to be borrowed, I would borrow from the bank, not a homeowner.
DarrellP
(Oklahoma)

Posts:8


07/21/2006 7:11 AM  
WE had one year were all of the reserve was depleted and we needed about 750.00 to end the year. We had 10 people volunter to pay there dues early. If this is your case just a ideal.
LuciusD


Posts:0


07/21/2006 7:56 PM  
What may surprise you is the reason for my inquiry is that two owners asked me to find out if there was a way to "sell them a piece of the action" instead of, or in addition to, the bank. It's not my idea.
RogerB
(Colorado)

Posts:5067


07/22/2006 5:16 AM  
Hey Lou, how mush "action" do they want to invest? I might be interested in a personal banker
JosephW
(Michigan)

Posts:882


07/22/2006 7:45 PM  
I've seen this in 2 or 3 associations over the years. In every case the owner(s)/lender(s) asked the association for something down the road. In one case, it was to extend their patio out onto common area; in another its was an additional parking space taken from the visitor spots and reserved for his unit; a third wanted scheduled repairs to his unit moved to the front of the list. Even though the loans had been paid off, they felt they were entitled to privileged treatment. Even if your's have the best of intentions in helping out the association, they will always have it to hang over your head. Try to avoid this if you can.

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LuciusD


Posts:0


07/23/2006 9:25 AM  
Roger, I'll give them your number.

Joseph, Thank you. I never thought of it that way. But that certainly is a valid consideration.
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Forums > Homeowner Association > HOA Discussions > Loaning Money To the Association



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