Condo with a loan on their financials

Started by dps

over 6 years ago

Posts: 1

Member since: May 2017

Discussion about

Hi, I saw a nice Condo in a pre-war building that I really like. Financials for 2010 - 2017 looked OK, building ran with a tight budget but no deficit. On 2017 the department of building required them to make an upgrade so a small assessment was put in place to fund those. However, due to the costs the building was forced to open a credit line and withdraw ~$500,000 on the line. So basically the condo is now in debt, and obviously common charges will need to be raised to cover the debt. I had never seen a condo with debt. Is this OK? Common? Or should I ran?