In 2009 Tennis obtained a loan on behalf of owners who were not able or preferred not to pay the large special assessment ($50-75K) for replacement of the exterior envelope of the buildings.  The loan was secured by the properties that participated.  Happy to discuss with you any time.  

Our HOA is considering financing options for an exterior maintenance / improvement project.  We're considering the possibility of:

1. individual assessment,
2. funding partially through reserves,
3. Asking homeowners to fund,
4. Having our HOA initiate a loan on behalf of the homeowners. (I have concerns),
6. A combination of some of the above.

My questions to a potential HOA lender:

a. Does the $ amount of our potential loan have an impact on the interest rates or term?

b. Does it matter if certain unit owners choose not to participate in a potential HOA loan (thus reducing the size of an HOA loan)

c. In the event of unit owners' default, is the HOA liable to make up those payments or does the lender hold the individual unit owners responsible and initiates collection proceedings?  

d. What is the amount needed in our reserves relative to the loan amount is there a funding debt to equity ratio?

e. What's the financial advantage of having the HOA obtain the loan versus an individual obtaining the loan via the lender? (point spread between the HOA rate versus an individual's rate)?