How to Get an HOA or Condo Association Loan in Florida
To get an association loan in Florida, a board decides on the project, confirms it is ready to move forward, gathers financial documents, and applies to a lender that finances community associations. Samtov Finance funds Florida HOAs and condo associations, including those banks reject, starting at $50,000 with no maximum, and approvals can come in as little as 24 hours. The steps below walk through how the process works and how to prepare.
Can a Florida HOA or condo association take out a loan?
Yes. Florida associations commonly borrow to fund large projects rather than charging owners a single lump-sum special assessment. Samtov Finance funds associations of all sizes, including small and self-managed communities that many banks turn away.
What can an association use a loan for?
Common uses include roof replacement, concrete and structural restoration, reserve funding, insurance costs, and other capital projects. Samtov structures each loan around the specific project and the association's finances.
What are the steps to get an association loan?
The board decides on the project and confirms it is ready to proceed, gathers financial documentation, and applies to a lender. From there the lender reviews the association's finances and issues terms. With Samtov, a board can start the review early and have funding move quickly once the association is ready.
What documents do we need to apply?
Typically financial statements, the current annual budget, a delinquency and aging report, and contractor estimates for the project. Having these ready is the biggest factor in how fast an approval comes together. Samtov can tell you exactly what is needed for your situation.
How is an association loan secured?
Association loans are generally secured by the association's assessment income, meaning its right to collect from owners, rather than by a personal guarantee from board members. Samtov loans carry no personal guarantee.
How much can an association borrow?
It depends on the association's finances and the project. Samtov funds loans starting at $50,000 with no maximum, so both small repairs and major capital projects can be financed.
How long does it take to get funded?
Timelines vary by lender. Conventional bank loans can take weeks to months. With Samtov, approvals for well-documented applications can come in as little as 24 hours, with funding shortly after.
What if a bank already denied us?
A prior denial does not disqualify you. Samtov Finance specializes in associations banks reject, underwriting on cash flow and the project rather than a rigid checklist, including associations that are small, self-managed, high in delinquency, or low on reserves.
Can small associations get a loan?
Yes. Many banks set a minimum association size and decline smaller communities. Samtov funds small associations, including those under 25 units, based on the association's cash flow and the project.
Do we need a management company to apply?
No. Samtov works directly with self-managed associations as well as professionally managed ones, so a board can handle the process without a management company.
Why finance a project instead of charging a special assessment?
A special assessment charges every owner a large amount at once, which many cannot pay. A loan spreads the same cost across years of manageable payments, so essential work can begin now without an immediate burden on owners. Samtov provides a clear term sheet so the board can see the cost before deciding.
What is the first step to getting started?
Contact Samtov Finance for a no-obligation review of your association's finances. You will get an early read on your options and terms, and your file can be prepared so funding moves as soon as your board is ready.
Ready to get started? Contact Samtov Finance at www.samtov.com/loans or call 754-900-7252 now to discuss your loan options.