Services for Community Associations
As a community bank with in-depth understanding of factors affecting local condominium and homeowners associations, we have the proven expertise to meet your highly specialized financial needs.
Community Association Lending*
We have the lending capacity, responsiveness, flexibility and creativity to serve your association. Typical financing structures for community associations include:
- Emergency Line of Credit - When not properly prepared, water damage and severe wind can cripple a building. City National Bank is committed to your preparedness with our no closing cost, emergency line of credit up to $250,000.**
- Special Assessment Financing - Funding for projects such as concrete restoration, roof replacement, etc. that are typically completed within a six-month to one-year timeframe - while the assessment is collected over a longer period to make it more affordable to your residents. Loans of this type can be funded at closing or drawn down as needed on a non-revolving basis, then termed out over an 18-month to seven-year period.
- Insurance Premium Financing - We provide competitively priced financing, with loans that are funded up front and amortized in less than one year.
- Liquidity - Small lines of credit to meet short-term liquidity needs.
For more information, contact a condo specialist at (305) 577-7395.
*Subject to credit approval and product guidelines
** Normal closing costs consisting of doc stamps, initial financial statement (UCC-1) filing fee and recording fees will be absorbed by City National Bank for this product on lines of credit up to $250,000.
