Condo Media - July 2020 - 19

That is the case at Brookline Bank,
Blair confirms. He likens loans to deal
with the pandemic crisis to the "snow
loans" the bank offered associations a
few years ago when an unprecedented
series of snow storms "blew up their
budgets." The loans were short-term
- usually 12 to 18 months - providing
the funds associations needed to pay
their bills and "regain their financial
footing." If a community's pandemic
problems are steeper, extending beyond that short-term window, Blair
says, "we might be able to structure a
line of credit for them to draw on until
their normal cash flow is restored."
The bank would evaluate pandemic
loan requests the same way it would
evaluate any condominium loan, considering the association's finances and
its track record: Have the trustees managed the association's finances responsibly? Is the budget reasonable? If the
association has borrowed money in the
past, what was their payment record?

If the association has an outstanding
loan with another bank, however, "we
couldn't consider the loan request,"
Blair says, because "we can't divide the
collateral [owners' fees] securing the
loan." But if the answers to baseline
questions about the association's management and finances are positive, he
says, "we would probably be more than
happy to take a look."
RENEGOTIATE LOAN TERMS
Associations that have an existing bank
loan might want to explore renegotiating the payment terms to reduce their
expenses and improve their cash flow.
Allowing an association that is making principal and interest payments
to make interest-only payments for a
short period is one option Blair offers,
and the impact can be significant. "Most
association loans are short-term, so
the vast majority of the payment goes
to principal," he notes. Converting to
interest only could go a long way toward

NOTHING
SURPRISES US.

offsetting the temporary loss of revenue
from owners who fall behind. The
deferred principal is either added to the
monthly payments after the interestonly period ends or collected as a lump
sum before the loan matures.
Extending the loan's maturity may
be another option for association borrowers, but it is not one Blair usually
recommends. "I like to keep the maturity at no longer than 10 years," he says.
The problem with going much beyond
that: The association may still be making payments on the old loan when new
financing needs arise "putting them
in a bind" down the road. "The key for
us," Blair says, "We want to make sure
associations can afford any [financing
solutions] we offer."
n NENA GROSKIND IS PRESIDENT
OF ECONTENTPLUS, PROVIDING
EDITORIAL CONTENT FOR
WEBSITES, PRINT, AND ELECTRONIC
NEWSLETTERS AND MAGAZINES.

Having served condominium associations longer
than any other local bank, there is little we haven't seen.
From short- and long-term financing, to saving for rainy
days, to a full range of payment collection services,
Brookline Bank can meet most any financial need. 
To benefit from our experience, contact:
Wes Blair
wblair@brkl.com
617-927-7974

BROOKLINEBANK.COM

Member FDIC
Equal Housing Lender

19BB009_condo_ad_lightening_7x4-625_final.indd 1

7/29/19 2:02 PM

July 2020 CONDOMEDIA

19



Condo Media - July 2020

Table of Contents for the Digital Edition of Condo Media - July 2020

Contents
Condo Media - July 2020 - Cover1
Condo Media - July 2020 - Cover2
Condo Media - July 2020 - Contents
Condo Media - July 2020 - 2
Condo Media - July 2020 - 3
Condo Media - July 2020 - 4
Condo Media - July 2020 - 5
Condo Media - July 2020 - 6
Condo Media - July 2020 - 7
Condo Media - July 2020 - 8
Condo Media - July 2020 - 9
Condo Media - July 2020 - 10
Condo Media - July 2020 - 11
Condo Media - July 2020 - 12
Condo Media - July 2020 - 13
Condo Media - July 2020 - 14
Condo Media - July 2020 - 15
Condo Media - July 2020 - 16
Condo Media - July 2020 - 17
Condo Media - July 2020 - 18
Condo Media - July 2020 - 19
Condo Media - July 2020 - 20
Condo Media - July 2020 - 21
Condo Media - July 2020 - 22
Condo Media - July 2020 - 23
Condo Media - July 2020 - 24
Condo Media - July 2020 - 25
Condo Media - July 2020 - 26
Condo Media - July 2020 - 27
Condo Media - July 2020 - 28
Condo Media - July 2020 - 29
Condo Media - July 2020 - 30
Condo Media - July 2020 - 31
Condo Media - July 2020 - 32
Condo Media - July 2020 - 33
Condo Media - July 2020 - 34
Condo Media - July 2020 - 35
Condo Media - July 2020 - 36
Condo Media - July 2020 - 37
Condo Media - July 2020 - 38
Condo Media - July 2020 - 39
Condo Media - July 2020 - 40
Condo Media - July 2020 - 41
Condo Media - July 2020 - 42
Condo Media - July 2020 - 43
Condo Media - July 2020 - 44
Condo Media - July 2020 - 45
Condo Media - July 2020 - 46
Condo Media - July 2020 - 47
Condo Media - July 2020 - 48
Condo Media - July 2020 - Cover3
Condo Media - July 2020 - Cover4
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202109
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202108
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202107
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202106
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202105
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202104
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202103
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202102
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202101
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202012
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202011
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202010
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202009
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202008
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202007
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202006
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202005
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202004
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202003
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202002
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_202001
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201912
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201911_v2
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201909
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201908
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201907
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201905
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201903
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201901
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201812
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201802
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201801
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201712
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201711
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201710
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201709
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201708
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201707
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201706
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201705
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201704
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201703
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201702
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201701
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201612
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201611
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201610
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201609
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201608
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201607
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201606
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201605
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201604
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201603
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201602
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201601
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201512
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201511
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201510
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201509
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201508
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201507
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201506
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201505
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201504
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201503
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201502
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201501
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201412
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201411
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201410
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201409
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201408
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201407
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201406
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201405
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201404
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201403
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201402
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201401
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201312
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201311
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201310
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201309
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201308
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201301
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201212
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201211
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201210
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201209
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201111
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201110
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201109
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201108
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201106
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201105
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201104
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201103
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201102
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201101
https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201012
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https://www.nxtbook.com/nxtbooks/mcneill/condomedia_201010
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