I am in a large condo complex - excess of 250 Units. The original builder controlled it for many years - then left it without a reserve fund. Unfortunately ALL PERFECTLY LEGAL.
Now time to pay the piper. We will be forced to bring it up ito full compliance in a short term due to Deed compliance. We will need a sunstantal amount of money to do that.
Since most loans for Condo Assn’s are short term 5-10 years max - this would create dues extremely high dues due to the short term pay off.
I think multiple and/or longer term “home improvement loans” may be preferable.
Any comments, suggestions.
Thanks
Jess