Consultation for HOA Financing: What to Expect Before You Book

An HOA financing consultation is not a sales pitch. It is a working conversation. Done properly, the first call gives your board a materially better understanding of your options, and it costs nothing. This post walks through exactly what happens on the first call with us, so you know what to expect before you book.

We wrote this because we get the same three questions from boards before they schedule: is there a fee, how long does the call take, and what should we have ready. The answers are: no fee, as long as you need, and less than most boards think.

The basics: no fee, no obligation, no set length

The consultation is free. There is no fee for the first call, no fee for follow-up calls, and no fee if you decide not to proceed. We're HOA loan strategists. The association pays our fee at closing; we are never paid by lenders. If we never place a loan for your association, we are never paid by anyone.

There's no set length. Some first calls take five minutes, some run over an hour, depending on what you want to cover. We get through the eight questions below and answer the questions you bring.

The 8 questions we ask

Every first consultation walks through the same eight questions. The order matters, because each answer narrows the range of options for the next one.

1. What is the project

What are you financing. Roof replacement, building envelope, garage restoration, amenity build-out, plumbing riser replacement. The type of project determines which lenders in our network are the strongest fit, because some lenders specialize in specific asset types (condo envelope work, for example, versus master-planned amenity finance).

2. What is the estimated project cost

The total capital need, including contingency. If you have an engineering report or a general contractor estimate, share the number. If you are still in the scoping phase, share the range you are working with.

3. What is your association's annual assessment income

The total annual assessment revenue. This drives the assessment coverage math, one of the most important ratios in underwriting.

4. What is your current reserve balance and funded percentage

Both the dollar amount and the funded percentage from your most recent reserve study. We use this to understand the reserve funding trajectory.

5. What is your current delinquency rate

Total delinquency (60 or more days past due). If you do not know the exact number, an estimate is fine. We can refine it later.

6. When was your last audit

The date of the most recent audited financial statement. This tells us whether we have a file readiness issue on documentation.

7. Any pending litigation or governance issues

Active lawsuits, unresolved insurance claims, recent significant board turnover, or any other governance items that a lender would want to know about.

8. What is your timeline and preferred term structure

When does the project need funding, and do you have a preference on loan term (10, 15, 20 years). We ask this last because the earlier answers often reshape the timeline.

Documents that speed things up if you have them ready

You do not need any of these documents to have the first call. We can talk through the eight questions from memory or notes. But if you have any of these ready before the call, the conversation gets more specific.

• Reserve study, most recent version. The funded percentage and the identified project list are the two things we look for.
• Most recent audit or reviewed financial statement. One year is enough for the first call. Full three-year history is helpful later.
• Current delinquency aging report. From your property manager. 30/60/90 day breakdown.
• Engineering report or contractor estimate for the project being financed.
• CC&Rs excerpt covering the association's borrowing authority. Not required for the first call, but useful.

None of these are prerequisites. Boards regularly have the first call with only rough numbers, and we work from there. The documents matter more when we move to the RFP stage.

When we can give a rough rate range and when we cannot

Boards often ask on the first call: what will our rate be. The honest answer depends on how much of the file we have seen.

We can usually give a rough rate range on the first call if we know: the association's approximate size, the loan amount, the delinquency level, and the reserve funded percentage. The range we give will be wide, because we are estimating without seeing the file. It gives your board a working number for budgeting the debt service.

We cannot give a firm rate on the first call. Firm rates come from actual lender term sheets, which require a submission, which requires a complete file. A firm rate before anyone has seen your file is a guess.

The 10-Year Treasury drives HOA loan pricing more than any other factor, and it moves daily. Even a rate range from a first call becomes stale within a few weeks in an active rate environment.

Who should join from the board

The first call is usually with one person from the board or management. From there we put together a proposal, then meet with the rest of the board or join a board call virtually. If more than one person wants to join the first call, these are the people who add the most.

The treasurer. The treasurer has the financial numbers at hand and can answer questions about assessment history, delinquency trends, and reserve funding without looking things up. If only one board member can attend, it should be the treasurer.

The board president. The president brings the governance perspective and can speak to board alignment on the borrowing plan. If the board is not aligned on borrowing, that is important context, and the president will surface it.

The property manager. Ideally. Property managers have the operational data (delinquency reports, financial statements, engineering reports) at their fingertips, and they will be central to the document flow once the process starts. If the property manager can join, the call is materially more productive.

Other board members are welcome, and the full board usually joins at the next meeting rather than the first call.

What comes after the call

After the first call we send a proposal, usually with a suggested next meeting with the full board. From there, one of three things happens.

Path A: we move toward an RFP. If the association is ready to shop the loan, we work with the property manager on a document checklist, receive the files (often through our AI-enabled client portal, launched June 2025), and prepare the RFP package for the lenders in our network. Once an application package is complete, competitive quotes typically come in within one to two weeks, sometimes sooner, depending on the deal.

Path B: we recommend pre-submission cleanup. If the file has one or two soft spots (elevated delinquency, outdated audit, expired reserve study), we recommend 60 to 90 days of cleanup before the RFP. We can help identify the specific steps and, in some cases, refer you to CPAs or reserve study firms.

Path C: we recommend not borrowing right now. Sometimes the right answer is not a loan. A different capital strategy (phased special assessment, insurance recovery, deferred scope) may fit better. We say this when it is true. We do not benefit from putting a bad deal into the market.

Frequently Asked Questions

Is there really no fee for the consultation?

Correct. No fee for the first call, no fee for follow-up calls, no monthly retainer, no hourly billing. The association pays our fee at closing; we are never paid by lenders. If the loan doesn't close, there is no fee.

What if we decide not to proceed after the call?

Then nothing happens. There is no obligation to continue, no cancellation fee, and no ongoing cost. Some boards use the first call to inform a broader financing discussion and never proceed. That is a normal outcome.

Can we share the consultation notes with other board members?

Absolutely. After the first call we send a proposal, usually with a suggested next meeting with the full board, and it is written to be circulated.

How soon can we schedule?

You can often book on short notice, sometimes the same day. If your timeline is tight, tell us when you book and we will tell you right away whether it is workable. Use the consultation form on our site.

Ready to book? Schedule a free consultation with HOA Loan Services. One person from the board or management is enough to start. No fee. No obligation. We will walk through the eight questions and tell you honestly where your association stands.