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Boards can finance building maintenance and compliance upgrades by using lines of credit, capital assessments, and tax abatements, while communicating the building's needs to shareholders or unit-owners. (Print: Finding Finances)

Don't delay mortgage refinancing. Plan ahead and explore options early. Last-minute actions led a co-op to urgent and expensive decisions.

Refinancing mortgages requires understanding prepayment penalties, which can be sliding scale or yield maintenance-based. Consider lines of credit for cost-effective funding flexibility.

Boards should proactively gather information about refinancing underlying mortgages, even before exact borrowing needs are known, to secure optimal terms and avoid delays. Expert advice is crucial.

A 105-unit building faced major capital projects with insufficient funds. Refinancing at a higher rate (5.55%) allowed them to cover expenses and complete projects more efficiently.

The steps you need to take to cross the finish line.

What do boards need to know before refinancing their underlying mortgage?

Commercial space can be a tricky part of negotiations for a co-op or condo board.

Sometimes, the most impactful actions a board are as small as changing light bulbs.

Coordinating finances to pay for capital improvements is a complex affair.