Bank that will lend to HOA?

[Andrew Syrios]

Anyone know a bank that lends to HOAs? We have a lot of units in a condominium complex that needs some repairs and want to get a loan to the HOA. (Probably about $350,0000 - $400,000.)

Most have said no but a few will only do it if the HOA moves the operating account, which has between $25,000 and $50,000 in it at any given time. That's just too much of a complicated hassle, so we have offered a reserve account, even locking $25,000 for the duration of the note, but that's not good enough for some reason. Any recommendations? I much appreciate it!