- Feb 27, 2018
Are loans available for communities?
In our community we are facing a lot of expensive repairs that need to be done. They concern fire security and other safety matters.
The builder refuses to do so. (and even changed into another company as apparently happens quite often in this region) The question of some owners is if the community can take a loan to finance the work and pay back the loan from the normal budget.
Looking forward for your answer.
Administrator: Juan López
Firstly, we understand form your e-mail that this is related to building faults.
- Please notice, that these issues are covered as long as they can be demonstrated accurately and within the legal timelines of guarantees. This is not only responsibility of the builder but also the developer and the architect and other building professionals involved in the urbanization such as engineers, etc, all of them covered by public liability policies. But it is important to be able to demonstrate that you are reporting building faults by providing professional reports (produced by architects or building engineers entitled to state that kind of conclusion) confirming that there are latent defects or breach of contract and the complaint shall be reported within the warranties terms. So you should take this option into consideration.
- Secondly, some Banks like Banco de Sabadell and Banco Popular offer interesting loans for this kind of works. This is possible if the community can justify the necessity, providing the community got the relevant license and confirm that it was agreed by the relevant community meeting.
Your administrator will surely know both options. Should you wish to meet us and discuss this issue with all the details, we will be delighted to attend you.