To Lend or Not To Lend with Brewster Cole, First Vice President, Valley National Bank

Florida community associations always need money for maintenance, repair, and capital improvement projects, but especially now with new safety laws in place, and Brewster Cole, First Vice President of Valley National Bank, is “the man with the money." Brewster has spent 16 years lending money to condominiums, co-ops, HOAs, and country clubs, and has carved an impressive niche for himself and Valley National in this sector of the lending market. He and host Donna DiMaggio Berger discuss the ins and outs, and the ups and downs, of when to lend and to whom.

Highlights include:

Florida community associations need hundreds of millions of dollars for immediate repair and maintenance projects. Does the fact that many of them need loans to address deferred maintenance or to cure code violations make them less attractive borrowers?Is it possible that the State of Florida might offer low interest loan programs in the post-Surfside landscape?What does a lender look for when evaluating an association as a prospective borrower? Will the current property insurance crisis in Florida play a role? How about the number of leased units? Do lenders take pending litigation into account?How long does the approval process typically take?Association loans can range from a few hundred thousand dollars to millions. How does a lender determine the limit for a particular association?What types of loans are available for community associations? Other than construction loans for particular projects, what other types of financing options are there?How does a line of credit typically work when the association is taking one for a construction project? How do capital improvement projects and/or milestone inspections affect credit?What is the difference between lines of credit and traditional loans?What type of collateral is required for association loans?How important is it to establish and maintain personal relationships between borrowers and lenders?Once upon a time it was very difficult for cooperative purchasers to obtain financing. What has changed?Will lenders start seeing older coastal buildings as unacceptably risky borrowers?

Helpful links:

Becker Lawyers | Legal and Business StrategistsFlorida Condo & HOA Law Blog | Powered by beckerlawyers.com Becker's Online Class LibraryBecker's Online Class Library: Construction Road Map for Community AssociationsReal Estate Law Blog  | Powered by beckerlawyers.comSuccessful Community Association Living Starts With the Purchase Decision with Marisa DiLenge, Founder of DiLenge Real Estate Team (Part I)Take It To the Board: Successful Community Association Living Starts With the Purchase Decision with Marisa DiLenge, Founder, DiLenge Real Estate Team (Part II)