Need advice on a Large - $3-$4mill loan for a Condo Association

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.



you’re an owner?

I own 2.

I am also on the BOD and will share responsibility in the in the problems and the funding.