Despite rigorous planning and forecasting, HOA repairs and improvements can accelerate on their own timeline before reserves are built up due to a variety of reasons. Sometimes this is due to mother nature, so-called “acts of God,” or alternatively it might be a new municipal code that triggers the HOA improvement now versus what was planned. Whatever the reason, the HOA board needs a homeowners association loan to address the need. Mickey Latz with HOA Consultants can help.
Whether you are managing homeowners’ association financing yourself or using a committee of your peers, HOA boards from Phoenix to Scottsdale have leaned into Mickey’s 22 years of experience in the HOA industry to help navigate the loans for HOAs and condo associations. You can too.
In addition to helping with HOA lending, Mickey’s expertise and consultative approach can help ensure your HOA is not caught flat-footed again and uncover how your HOA board got into this situation in the first place. Most homeowners’ associations who need a loan have been under-funding their reserves for more than five years and likely 10-20 years. As a result, when it is time to take on a major project as soon as possible, the HOA doesn’t have enough money to cover the work. That’s why you applied for a loan. What do you do when the bank declines your loan? Something on the approval checklist kicked it out and now you need help resolving that issue so you can apply again.
Often when Mickey works
with an HOA to rectify the HOA loan requirements flagged by the bank, he uncovers other issues that are just the tip of the iceberg, which directs the HOA boards to ask; are there other areas that led to this predicament? Unfortunately for many HOA boards, the answer is yes.
If your HOA is too small to hire a full-time professional management company, or the owners and board members are philosophically opposed to hiring a professional management company, Mickey Latz with HOA Consultants is your ideal resource to help your board with both your HOA loan for repairs and improvements and beyond.
Mickey can help you identify the areas you could change and improve upon while offering solutions to consider. Mickey doesn’t tell his clients what to do. Instead, he provides alternatives to the way you are currently running your community.
Other areas Mickey can help your HOA with include:
- Obtaining a bank loan for major projects
- Vendor management
- Collections policies
- Violation enforcement policies
- Professional communications with owners
- Board and Annual meetings
- Understanding state laws (we are not attorneys)
- Budgeting/Fiscal/Accounting management
- Governing document updates
If it’s not on the above list, ask Mickey.
For a no-obligation consultation, call or email Mickey today. Explore if a temporary consulting relationship is right for you. 602-402-1955 or [email protected].
Mickey Latz, MBA, CMCA, AMS
