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Condominium Association Loans

HOA Loans and Condo Association Loans are our specialty nationwide. We offer Capital Project Loans, Lines of Credit, Insurance Premium Finance, and Deposit Products. We work closely with associations, board members, and property managers to provide creative and cost effective financial solutions.

 

Capital Project Finance

Most Capital Project loans will generally begin as a non-revolving line of credit for the construction period. These lines will typically be for six to twelve months. During the draw period, monthly payments will be interest only on the drawn amount.

Upon expiration or at the end of the construction period, the line of credit will be converted to a fully amortizing fixed rate term loan. The typical maturity will be between five and ten years. Fifteen year amortizations will be considered for larger projects. If the project is short-term or small in size, the initial disbursement to the customer may represent the full amount of the term loan. Principal and interest payments would typically begin in the month following disbursement.

Credit approval will be subject to established Condominium Association Banking underwriting standards for new customers and/or projects. 

 

Liquidity Revolving Line of Credit

Loans up to $50,000 and documented as an unsecured demand note reviewed annually
Payments will be interest only based on a floating interest rate

Credit approval for new customers applying for a liquidity line of credit will be subject to established Condominium Association Banking underwriting standards for new customers. Annual renewals will follow an abbreviated underwriting process to make life easier for you!

 

Insurance Premium Finance

Loans will be considered in amounts from $100,000 to $1,000,000. Take advantage of discounts an insurance company may provide in return for full payment of premiums in advance while retaining the flexibility of monthly payments.

Credit Approval for new customers applying for insurance premium finance transactions will be subject to established Condominium Association Banking underwriting standards for new customers. To make it easy, renewal/repeat insurance premium finance requests will follow an abbreviated underwriting process.

 

Deposit Products

  • Demand Deposits
  • Lockbox
  • ACH (Payments and Collections)
  • Remote Deposit Capture
  • Money Market Accounts
  • Certificates of Deposit
  • Online Banking
  • Reporting Functionality
  • Customer Training

Are you frustrated every time you call your bank because you  have to fight your way through an automated operator that seldom gets you to the right person?  As an Association Banking customer at The Federal Savings Bank, you have direct access to our team of professionals who are dedicated to serving the needs of Condominium and Homeowner’s Associations as well as their management companies.

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