Specialist · Member since 2018 · 59 posts · 15 votes
So I found a couple of properties that I am really interested in, however the HOA they belong to do not have the adequate cash reserves I need to take out a loan. How would I go about finding a loan for this? Is a private lender my only choice?
Private money is most likely your only option but please exercise caution with these HOAs since there could be assessments in the near future that are fairly substantial.
Would an HOA be forced to disclose any upcoming/past assessments?
Also one of the lenders I reached out to pretty much said she's got a don't ask don't tell policy on HOAs if I can out down more than 25% but that my interest on the loan would be closer to 7%. Is that a little sketchy? Should I be reaching out to multiple lenders?
You have the option of portfolio lending. The rate is going to be higher than conventional. There is a loan minimum with this program that I am aware of $100k. What is the purchase price of the property?