Association (AOAO) Loan Program

Central Pacific Bank understands the financing needs of an Association and the important role board members and property managers have in managing their properties.

Central Pacific Bank's Association Loans provide financing for:

• Repair and renovations to common areas of the project
• Building upgrades
• Equipment purchases
• Resident manager unit purchases
• Lease to fee purchases

Benefits of an Association Loan

An Association Loan could be the best alternative to pay for needs affecting the common areas of a property. First off, the Association avoids the unpleasant specter of levying unit owners up front with special assessments. By borrowing funds, the Association can incorporate the loan payments into its annual budget via its maintenance fees. And, by extending cost over a period of time, unit owners will have peace of mind knowing that they will not have to draw upon their own personal savings, or obtain their own personal loans.

An Association Loan will help an Association by:

• Providing contracting and bargaining advantages
• Having the ability to do more repairs now without tapping into reserves or levying a one-time special assessment
• Creating liquidity for the Association

By making necessary repairs and renovations to the property, the Association will enjoy:

• Improved safety
• Increased property value
• Enhanced property appearance
• Reinforcement of pride in ownership