Co-op and condo boards have different ways of obtaining money. Co-op boards can seek an underlying mortgage from a lending institution without shareholder approval if it's for preserving the building's structural integrity. Condo boards need approval from a majority of unit-owners, usually through a two-thirds vote, to secure a loan larger than $50,000.
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“Financing” returned 8 articles
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ArticleTopicsColumn TypeIssue
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The Lending Labyrinth
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New Guidelines for Apartment Loans
Fannie Mae and Freddie Mac are changing lending rules again.
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Avoiding a One-Size-Fits-All Budget
Costs are going up – and boards need to build better budgets.
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PACE Financing Ready for the Green Light
The ABCs of applying for loans for efficiency projects.
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A Guarantor Is Not a Guarantee
Boards can protect themselves from a shaky buyer with high standards for guarantors.
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What’s Your Back-up Plan?
A line of credit can come to your rescue.
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Front Money
Borrowing from Peter (and Jane … and Bob …) to pay for capital improvements.
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How to Take Advantage of New Loans for Condos
Condos can now take out loads – but they’re unsecured loans.
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