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Condo Boards: Private Lending as Special Assessment Alternative

Condo boards facing repairs can use private lending instead of special assessments. Gelt Financial's Jack Miller explains how association loans work and why they matter.

This news matters because it highlights a critical financing gap for condo and homeowners associations facing major repairs. Many boards are unaware that they can borrow against future dues or assessments, avoiding the need to collect large lump sums from owners on short notice. With aging infrastructure and rising repair costs, associations need viable funding options to address emergencies before they become disasters. Private lenders like Gelt Financial provide a stopgap for boards that have exhausted traditional financing routes. Understanding these options can help boards plan ahead, avoid crises, and maintain property values. For homeowners, this means repairs get done faster, and costs are spread over time rather than hitting everyone at once.