At a time when many condominiums are old enough to require major repairs or renovations, community associations can be overwhelmed by the cost. The word is definitely out that a community association loan may be a viable option for many communities. In contrast to a lump sum special assessment, the ability to pay a loan back over a period of years has the potential to lessen the financial impact on owners. Of course, there are costs associated with any loan, including origination fees, interest, attorney's fees, etc., but these tend to be relatively small in relation to the loan size, and often are only charged if the loan closes and can be paid with loan proceeds. read more