Credit for condominium associations

What it is

The contract is signed by the building manager, in the name of the condominium association, and it pays for construction work, facade, elevator, roof or renovation. The installment goes into the monthly fee.

It does not require the unit owners to go through credit review individually, and it uses up no one's personal credit.

When it makes sense

• The work was approved at the owners' meeting and the reserve fund falls short
• The alternative would be a heavy one-off special assessment
• The building needs urgent work

How it works

• Condominium paperworkMinutes of the approval, CNPJ and financial statements.
• OfferI compare term and rate across the partners active in this line.
• ApprovalReview of the condominium's financial health.
• ReleaseFunds released in line with the construction schedule.

What you will need

• Minutes of the meeting approving the work and the loan
• Condominium CNPJ (Brazilian company tax ID) and bylaws
• Financial statements for recent months
• Budget for the work

The list can change with the institution and the size of the deal. I confirm what is actually required before you gather a single document.