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George Smith Partners identified a 113 year-old financial institution lending to non-profit Home Owners Associations (HOAs) with a 100 door minimum. Their collateral is similar to a UCC filing and is not a Deed of Trust. The self-liquidating loan is repaid through the monthly HOA fees and does not carry a warm-body repayment guarantee. This national program may provide funds for the addition of new amenities or capital intensive upgrades and/or repairs for the housing community.
