Homeowners and Condominium Associations deal with Special Assessments
Every day, more and more homeowner associations are finding themselves obligated to finance capital improvements when unit owners can’t afford to pay their share. This often occurs when an association has less than 25 units. When unit owners can cover their share upfront, associations can move quickly to make these necessary improvements, but when they can’t, they need another option.
The solution is a private lender, like Gelt Financial. Gelt Financial is a private lender that is ready to help associations move past all the hold up, cut out all the frustration, and get things moving quickly. Gelt specializes in fast approvals and closings, because there is no need for lengthy red tape.
In many scenarios, Gelt sees HOA’s passing special assessments that are due at the time of sale of the units, if they aren’t paid off before then. By financing through Gelt, the association can pass a special assessment only to the unit owners who can’t pay up front, which means that unit owners that are ready to pay up front don’t need to be penalized for those who can’t.
The truth is, private lenders are more expensive, but they provide a unique solution for those in a situation that requires it. If there is a reason an association cannot or does not want to go to a bank, the best financial option is Gelt. The loans are interest only or amortizing loans, with rates as low as 10%. For associations that are self-managed, have less than 25 units, want a no deposit relationship, no personal guarantees, and are working with small dollar amounts like 25k and up, Gelt Financial represents an end to the stress of obtaining a loan.
When your bank says No, we say Yes. For more information contact us at 561-221-0900 or www.Geltfinancial.com
