Association Loan Program

Association Loan Program

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Our loan programs are tailored to meet the needs of associations faced with large capital expenditures. We work closely with board members and property managers to ensure that an association can effectively complete common element repair projects and improve market value.

An approval process that is efficient and clear

Our responsive turnaround on loan requests guarantees that the process remains simple and understandable. Once we receive your loan application package, we quickly and efficiently determine a payment structure that best meets the needs of the association. Upon bank approval for the loan, we draft a commitment letter for your organization, detailing the loan terms and conditions.

Upon your acceptance of our commitment letter, loan documentation is provided for the association’s review, signature and approval. We are happy to meet with board members at any time during the loan process to discuss and clarify the terms of the loan program.

Expert advice from trusted professionals

We are sensitive to the financial concerns of community association members. Our team of industry experts offers competitive terms and loan rates including fixed or floating options, standard documentation that keeps attorney fees to a minimum, and sound professional advice on the integrity of potential common-area projects.

Best of all, we offer a level of personal service and advice that larger banks simply can’t provide. Our professionals have more than 75 years of combined experience in the banking industry and have processed hundreds of millions of dollars in loan transactions for community associations.  We are a true market leader in providing association financial services.

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.

Association Protection Line of Credit (APLOC)

Community Advantage is pleased to offer its well-qualified customers the Association Protection Line of Credit.  If you are faced with non-budgeted operating expenses or expenses that exceed budgeted amounts, consider the Association Protection Line of Credit. It is specially designed to handle fluctuations in expenses that may occur from month to month.

As a community association manager or board member, you know the importance of being prepared, especially for those recurring and unexpected expenses.

USE YOUR ASSOCIATION PROTECTION LINE OF CREDIT FOR:
• Utility bills
• Snow plowing
• Insurance
• Natural disasters
• Life safety repairs
• Bill consolidation
• And much, much more!

Features
• Unsecured lines up to $50,000
• Repayment terms up to 12 months (renewable annually)
• Predictable, affordable monthly payments
• Savings on fees and closing costs associated with traditional loans
• Additional advances at any time (up to your available credit line)
• Economical application package – no attorney opinion letter needed
• Streamlined documentation
• Quick approvals
• Low annual fee

 
The time to establish a line of credit is when you least need it, so act now to secure quick access to short-term financing.

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com.

Application Requirements

The following is a list of items we request in order for us to begin the loan process.

We realize this is a lot of information, however, the good news is that we tell you everything we need up front, and this information will allow us to respond quickly to your request.

  • The Association's CPA prepared fiscal year end financial statements for the last two years and tax returns for the last year.
  • A copy of the current fiscal year's budget with year to date actual results for the current year and projected budget, if applicable.
  • Itemized delinquency report and a 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.
  • Copies of By-Laws and Declarations inclusive of all subsequent amendments.
  • Detailed description of improvements/repairs planned and copies of 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.
  • Copy of the past three months of Board meeting minutes.
  • Describe the lawsuits brought by or brought against the association.
  • Describe the complex, number of units, and number of buildings.

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or emailservice@communityadvantage.com

Co-Op Loans

We know co-ops, condos, townhomes and homeowner associations inside and out because it's all we do. We've been exclusively servicing this market for more than ten years.

  • By offering competitive loan interest rates and loan terms.
  • By offering a full slate of programs and options.
  • Most importantly, by providing a level of personal service you would never find in those bigger "name" banks. In fact, with COMMUNITY ADVANTAGE you get an unmatched level of personal, one-on-one attention

 

Co-operative Loan Application Requirements
The following is a list of items we request in order for us to begin the loan process.

We realize this is a lot of information, however, the good news is that we tell you everything we need up front, and this information will allow us to respond quickly to your request.

  • The Co-operative's CPA prepared fiscal year end financial statements for the last two years and tax returns for the last year.
  • A copy of the current fiscal year's budget with year to date actual results for the current year and projected budget, if applicable.
  • Itemized delinquency report and a current list of accounts payable.
  • Copy of recent deposit account statements to confirm operating and reserve account balances.
  • List of owners, tenants, and addresses per unit.
  • Copies of Proprietary Lease and By-Laws inclusive of all subsequent amendments.
  • Detailed description of improvements/repairs planned and copies of contracts, engineering reports and reserve study.
  • Delinquency collection policy, units owned by the cooperative and owner occupancy ratio.
  • Names, addresses and phone numbers of accountant, attorney, contractor, and current Co-operative Board members.
  • Copy of the past three months of Board meeting minutes.
  • Describe the lawsuits brought by or brought against the Co-operative.
  • Describe the complex: address of property, number of units and number of buildings.
  • Satisfactory receipt and review of Bank approved appraisal (if applicable), title, flood and environmental assessment. 
  • Copy of resolution of approval of at least 2/3 of the capital stock holders for the subject mortgage.
     

If you have any questions or would like more information on any of these services, contact one of our Trusted Industry Experts at (847) 304-5940 or email service@communityadvantage.com