Condo Media - October 2019 - 64

The Region

VERMONT

The Importance of Choosing a Lender
Strong Relationships Go a Long Way
[by Hans G. Huessy, Esq.]

Most associations open bank
accounts with local lenders without
considering whether that institution
will agree to loan the association
money, if necessary, in the future.
Many banks are leery of making loans
to condominium associations that are
secured primarily by the association's
right to collect assessments. This is not
an issue in good times, but can be very
important if and when a significant
construction issue is discovered that
requires immediate attention.
There are a number of financial
institutions that specialize in such
loans (many of them advertise their
services in this publication) and it is a
good idea for a project manager to be
familiar with those institutions and
perhaps even establish an ongoing
relationship with them by opening
an account. It is also good to have a
working understanding of what the

64

CONDOMEDIA October 2019

lenders will be looking for if and when
an emergency loan application is made.
Delinquency rates are a prime
example. Lenders will almost always
insist that no more than a minimal
percentage of members be delinquent
at the time the loan is issued and
during the term of the loan agreement.
Lenders will also want to see evidence of
a written collection policy and evidence
that the policy is adhered to. This is
one more reason why aggressively
pursuing delinquent members can be
very important. If you wait until a loan
is needed, it may take quite some time
to reduce the delinquency rate to the
mandated percentage, thereby stalling
the repair process.
A good project manager should
have at least general knowledge about
whether the association's lender
makes such loans, in what amounts,
and on what conditions. This does

not take a lot of time and effort.
Simply call your lender and posit
an emergency repair and ask if your
lender would be able to assist you
under those circumstances. A client
of mine recently discovered that
some of its floor trusses had failed
mandating a multi-million-dollar
repair. The repair work was delayed
by several months while the
association searched for a lender
willing to finance the repair.
This process could likely have
been shortened if the association
had a previously-established
relationship with a lender willing
to make such loans.
n HANS G. HUESSY, ESQ.,
IS WITH MSK ATTORNEYS
IN BURLINGTON, VT.



Condo Media - October 2019

Table of Contents for the Digital Edition of Condo Media - October 2019

Contents
Condo Media - October 2019 - Intro
Condo Media - October 2019 - Cover1
Condo Media - October 2019 - Cover2
Condo Media - October 2019 - Contents
Condo Media - October 2019 - 2
Condo Media - October 2019 - 3
Condo Media - October 2019 - 4
Condo Media - October 2019 - 5
Condo Media - October 2019 - 6
Condo Media - October 2019 - 7
Condo Media - October 2019 - 8
Condo Media - October 2019 - CT1
Condo Media - October 2019 - CT2
Condo Media - October 2019 - 9
Condo Media - October 2019 - 10
Condo Media - October 2019 - 11
Condo Media - October 2019 - 12
Condo Media - October 2019 - 13
Condo Media - October 2019 - 14
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Condo Media - October 2019 - 18
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Condo Media - October 2019 - 21
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Condo Media - October 2019 - Cover3
Condo Media - October 2019 - Cover4
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