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HOA Loans For Construction Projects Surfside III Presentation November 19, 2005

HOA Loans For Construction Projects Surfside III Presentation November 19, 2005 Presented by Judy Remley. Association Bank Services. “ First Bank Association Loan ”

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HOA Loans For Construction Projects Surfside III Presentation November 19, 2005

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  1. HOA Loans For Construction Projects Surfside III Presentation November 19, 2005 Presented by Judy Remley

  2. Association Bank Services “First Bank Association Loan” • First Bank and Surfside III have had a strong working bank relationship since 11-99. First Bank specializes in Homeowner Association loans.

  3. Association Bank Services “First Bank Association Loan” • Repair now (pay over time) • Loan finances monthly S/A payers • Loan to the Association • No Liens on homeowner property • No prepayment penalty

  4. Association Bank Services “First Bank Association Loans” • Loan based on cash flow of HOA • Procedures in CC&R’s will stipulate if vote is needed by homeowners to obtain a loan • Loan no substitute for Special Assessment • Loan automatically begins as NRLOC

  5. Association Bank Services NRLOC (Non-revolving line of credit) • Up to 12-months • Money drawn as needed. Monthly payments = interest only on drawn amounts. Draw request will be verified before advancing funds. TL (Term Loan) • Fully amortized • Monthly payments = princ. and int.

  6. Association Bank Services Rate & Terms • Amount: $17,600,000 • Terms: 15 years (180-months) • Rate: 8.00% Fixed • Loan Fee: .75 Point ($132,000) • Doc Fee: None • Maximum LTPV (project) = 50% • Minimum Owner occupancy = 50% • The above terms and rates are for comparison information only. There has been no commitment by the bank or association on a loan. The bank reserves the right to revise proposed pricing and loan structure based on review of the association’s application.

  7. “Association Bank Services “First Bank Association Loans” Special Assessment on $17,600,000 • $56,958 per Homeowner • $544 monthly @ 8.00% 15years

  8. Association Bank Services “OTHER HOMEOWNER LOAN OPTIONS” • First Bank Equity Line of Credit • Prime + 0% Adjustable(Prime is currently 7.00%) • 10 year interest only ($57.53 monthly per $10,000) • 15 year amortized Principal + interest • Promotional rate of 5.25% for the first six months for applications received on or before November 30, 2005 • Possible tax benefits • $50 yearly fee waived first year • $300 early closure fee within first 3 years except if property is sold

  9. Association Bank Services “OTHER HOMEOWNER LOAN OPTIONS” • First Bank Closed-end Home Equity Loan • 8.00% fixed loans 85-180 months • $95.57 monthly per $10,000 for 180 months • LTV 80% • Fees waived on loans $250,000 and below • Refinance First Bank Mortgage • 6.25% fixed 30 year $61.57 per $10,000 • 6.00% fixed 15 year $85.00 per $10,000 • First Bank Mortgage, Terry Munz 805-563-6457

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