Westlake Village Condominiums: A Case Study

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The homeowners of Westlake Village Condominiums recently voted to finance an estimated 6.4 million dollar association loan that will fund renovations of the building, and ensure that its codes are up to date. Because the HOA does not have the money to pay for the building's enhancements, homeowners will be responsible for funding this association loan by taking out their own loans, which could be demanded as soon as September 1st. These loans will be repaid monthly through the homeowners association, which is the driving force behind the renovation project. Only one bank – yet to be revealed – has expressed interest in financing the project, at an interest rate above 6%. The building, which was built in 1979, has experienced a wide range of
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