Did you know that it’s possible for condo boards to borrow money to make improvements to the property? This privilege was once only available to co-op boards, however, since 2003 a Common Interest Realty Association, or CIRA, loan has become available to condominiums and homeowner associations at Kaled Management we work to provide all round solutions with all vendors. Read full article here.
When a co-op board needs to borrow money to make capital improvements, it can use the equity of the corporation as collateral. Condominiums aren’t so lucky.