New Hampshire House condo board successfully convinces owners to take a $3 million loan for facade repairs mandated by FISP.
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“Condo Loan” returned 3 articles
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Perseverance Pays Off at the New Hampshire House
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The Lending Labyrinth
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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Borrow It!
A niche product helps condos finance big projects.
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