Do we ask the condo owners for the money upfront or do we get a bank loan?
Q We are short of funds in our reserve fund account. Either we levy a special assessment of $2,000 per unit or get a bank loan. Would it be within the authority of the board of directors to get a bank loan without consulting the owners? We realize that a special assessment would cause a little hardship to several of the owners, so we feel that a loan would be a better option. Read the article………….