Part of proficiently managing your HOA finances depends on providing your property with the necessary funding for performing any major renovations or larger-scale HOA capital improvement projects.
It’s standard practice for most HOA boards to have a reserve fund handy to accommodate unforeseen expenses and repair costs. But your committee should also be familiar with the HOA loan options available to you, should immediate financing be required to upgrade your facilities.
At HOA Capital, we specialize in helping HOA boards receive the financial solutions necessary to improve their communities how they see fit. We can grant you access to a wide variety of fast and efficient HOA lending networks to ensure that your HOA capital improvement plan goes as accordingly as possible.
When you’re ready to learn what custom loan options are available to you, contact HOA Capital today to get started on your loan proposal request!
HOA Loans for More Customized Financing Options
It’s easy to think of HOA reserve funds as your committee’s piggy bank – an account to continuously add to here and there that could be financially useful when you least expect it.
However, the primary setback with reserve funds is how hard it is to gauge whether they can adequately cover any unanticipated costs, as well as the fact that most HOA reserve funds tend to be underfunded.
This leaves HOAs susceptible to scrambling to cover any unexpected costs, especially when it comes to emergency renovations, resulting in drastic funding attempts such as increasing association dues or desperately seeking other inefficient funding solutions.
This is where having access to custom HOA loan options comes in handy, allowing HOAs to receive essential funding when they need it the most.
Advantages for utilizing HOA loans over reserve funds can include:
- Immediate and efficient funding that isn’t deposited in smaller installments or increments
- Quickly receive the entire amount that your HOA capital improvement projects needs
- Avoid spending money upfront and schedule payments in a timely manner
- Reduce dues and fees for homeowners (compared to resorting for reserve funds)
- Pay insurance premiums upfront or receive exclusive discounts
- Keep community satisfied by immediately addressing any maintenance or construction issues
Custom HOA loans will grant you more flexibility, freedom, and financial security whenever you’re forced to confront any essential property upgrades.
Flexible Financing Options From HOA Capital
You shouldn’t have to avoid putting off any essential repair work, expansions, or capital improvement projects of any kind because of insufficient financing options. At HOA Capital, we’re your experienced, local resource for professional HOA lending partner matching services when you need immediate funding for your property, facilities, and community.
Contact us today to get started assessing your HOA loan options, or call us at 952-836-9593 for more information regarding our services!