Borrowing money for repairs or improvements to the common areas of an association doesn't need to be a difficult and confusing process. First Banks' Association Bank Service's specially trained loan officers will work with the association's Board of Directors, financial professionals and managing agent to structure a loan program to meet the association's special needs and budget requirements.
- Loan Amount - minimum loan amount is $30,000.00.
- Loan Collateral - typically the association's assessment revenue, either from regular or special assessments.
- Loan Terms - depending on the association's needs, the term of the loan can be 1 - 15 years. We can structure the initial loan as a line of credit until construction is complete, then convert it to a term loan for a fixed number of years.
- Interest Rate - fixed rate and variable rate loan programs are available. First Bank's Association lending officers will work to create an appropriate loan structure for your association.
- Repayments - we will establish flexible repayment schedules based on the associations cash flow or a special assessment.
To find out more about Loans for Associations, contact the Association Bank Services Relationship Manager nearest you.