A homeowners association wants to get a loan for siding replacement on
three buildings containing 15 condos. Where can the HOA get a loan to
do this? The HOA doesn't own property but can lien the individual
homeowners or agree to increase monthly condo fees. HOA has about 20K
in the bank and cost of improvements is 90K. Need 30 year loan of 80K.

mdmdm...

When I took over as President of our HOA, I was told the HOA
could not qualify for a business loan of this nature due to 
its status as a non-profit organization. Hence, I would be 
very interested in discovering this to be false, based on
input from a knowledgeable researcher.

The available options, I was told, are to either levy an
assessment to all the owners (the amount of which is usually
limited annually under the CC&Rs), or to raise the monthly 
fees and deposit them into a reserve account for the purpose
of making improvements, or both.

sublime1-ga

The last home owners association I belonged to disbanded. I think this
happens frequently, so HOA are consider a poor credit risk by most
lenders.  Neil