Homeowner & Condominium Association Loans
Our vast experience helps us quickly approve, process, and provide a variety of loan options designed to fit the unique needs of each Chicagoland community association
Attention out-of-state visitors: Our market is the greater Chicagoland area. If your HOA or Condo Association is outside of this area, we recommend contacting a community bank in your geographical area.
Large capital improvement projects are usually accompanied by an HOA or association special assessment. Whether it’s regular building maintenance such as tuck-pointing and roof replacement, or a building upgrade or renovation such as new porches, the association can take out a customized FB&T loan to complete the project. The association can move forward in a timely manner and offer flexibility to their unit owners by allowing unit owners to pay overtime instead of having to come up with the special assessment in one lump sum. The commercial lenders at First Bank & Trust will meet with association board members to determine the suite of loan products that best meet the needs of the association, and upon acceptance of the application your loan will be approved and funded in a timely and professional manner. The collateral for such facilities is generally an assignment of the association's assessments and personal recourse is not normally required.
In order to discourage associations from borrowing small amounts some banks may charge large upfront fees on loans. At First Bank & Trust our fees are consistently lower than the competition.
Other Financing Options
In addition to providing financing to the association, FB&T offers a variety of options for unit owners to finance their special assessment, including cash-out first mortgage refinancing, and second mortgage home equity lines of credit. All products offer competitive rates and terms.
We also offer complete financial & banking service solutions for associations and property management companies.
- Checking Accounts – We recognize associations with our Not-for-Profit Accounts
- Treasury Management Services
- Lock-Box Services for collection of association or rental dues
- Remote Deposit Capture
- ACH Services
- Association Reserve Accounts
- Money Market Accounts
- Certificates of Deposit (CD)
- Online & Mobile Banking
Our experienced lending team is ready to help guide you through the entire process. For more information about any of our loan products and services please contact our Lending Department by phone at 1-847-733-7400 or online using the link below.