Washington, DC (April 14, 2008) — NCB, a leading provider of financing to multifamily and commercial real estate properties nationwide, originated over $5.4 million in loans during the first quarter 2008 for nine community associations across the country. The Community Association team’s financings included $4.3 million in loans and $1.1 million in lines of credit. Karyn Mann, Vice President and Director of the Community Association Loan Program at NCB, made the announcement.
“As the number and age of homeowner associations continues to grow, many are faced with planned and unexpected projects, compelling boards to explore different options to pay for these costly projects,” said Ms. Mann “An increasingly popular choice is borrowing funds to offset the expense. By doing so, these communities are able to successfully undertake capital improvement projects, without creating a financial burden to their residents.”
During the first quarter, Ms. Mann arranged a $2.7 million loan for 2600 Association a 114-unit community association in Jersey City, NJ; a $1 million line of credit/term loan for Madison Hill Homeowners Association, Inc., a 183-unit community in Westminster, CO; a $500,000 loan for Round Hill Condominium Association, a 130-unit homeowners association in Atlanta, GA; a $400,000 loan for The Ridgemede and The Ridgewood Condominium Association, a 72-unit community association in Baltimore, MD; a $280,000 loan for Powers Ferry Green Condominium Association, Inc., a 56-unit community in Marietta, GA; a $200,000 loan for Parkway Village Association, Inc., a 115-unit homeowners association in Cranford, NJ; a $100,000 loan for an 18-unit property The Hasty, A Condominium located in Atlanta, GA; a $100,000 loan for Woodside Village Condominium, a 28-unit community in Silver Spring, MD; and a $100,000 line of credit for Newton Condominium, a 26-unit association in Washington, DC.
As one of the only banks in the country with a Community Association lending team, NCB serves as a useful source of financing to meet all of an association’s financial needs. The program offers nationwide financing for capital improvements or large-scale repairs and renovations to all types of housing communities including condominiums, homeowners associations and planned unit developments.
The benefits of NCB’s Community Association Loan Program include loan terms of up to 15 years, competitive fixed and variable rates, flexible loan structures and pre-payment options, reasonable loan fees, prequalification within one business day and an expedited loan process.
According to the Community Association Institute, over the past 20 years, the number of community associations nationwide has exploded and continues to grow at a rapid pace. The estimated real estate value of all homes in community associations is approaching $4 trillion, approximately 20 percent of the value of all U.S. residential real estate.
NCB instituted the dedicated Community Association Lending program in 1995 after leveraging its expertise in lending to democratically-controlled entities such as housing cooperatives. Over the past 13 years, NCB’s community association loan program has grown exponentially, ultimately enhancing the Bank’s visibility and reputation as an expert in community association financing within the national community association marketplace.
With the instrumental role these associations play in today’s market, the Bank recognizes the importance of its ongoing financial and educational efforts for this industry. For instance, in early 2008, NCB conducted a workshop on the role a bank plays with community associations at the Community Association Institute’s Central Virginia Chapter Conference and Expo. In addition, the Bank is a sponsor and active participant on the “Ask the Expert” discussion forum on www.hoatalk.com. NCB is also a National Corporate Member of the Community Association Institute and an associate member of the California Association of Community Managers. As such, NCB often authors articles in trade publications on varying financial topics as they relate to the community association industry.
NCB is also a member of CDARs (“Certificate of Deposit Account Registry Service”) network, providing customers with a single banking source for FDIC insurance on CDs up to $50 million. This is a valuable service for community associations who have a fiduciary responsibility to make certain that all deposits are insured.
For more information about NCB’s Community Association Loan Program or deposit product offerings, contact Karyn Mann at (703) 302-1904, (800) 766-2622 or by email at firstname.lastname@example.org.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit. Loans and other financial services are provided by NCB, FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is a member FDIC. Each is a separate corporation within the NCB Financial Group.
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.
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