Why Condo Corporations Borrow Money

The blog discusses why condominium corporations may need to borrow money and the process involved in obtaining a loan. It explains that borrowing may be necessary to fund major repairs or renovations, to address unexpected expenses, or to cover cash flow shortages. The blog also explores the different types of loans available to condominium corporations, such as secured and unsecured loans, and the factors that influence the interest rates and terms of the loans. It emphasizes the importance of careful financial planning and management to ensure that borrowing is done responsibly and in the best interest of the corporation and its owners.