Mark,

I think the way it works is that a majority of the board can commit the assets of the building as collateral for an improvement loan. All board members are NOT individually guarantors of the loan.
Payment of the loan is either through the general fund of maintenance or by special assessment for some length of time.

If a board member or any other condominum owner sells, the maintenance and special assessment charge passes to the buyer.

Anyone obtained a loan for improvements to their condo building?

Did all board members have to sign on as guarantors to the loan? And what happens if a board member sells their unit prior to the loan maturation?

Any other ideas for credit availability for a major improvement project are appreciated. We will be initiating assessments but won't be able to raise all the capital from this alone.