CAI-NJ Nov. 2019(w)

FINANCING... from page 24.

IMPAC Maintains the Highest Level of Management Standards in Our Profession PROPERTY MANAGEMENT

II. Factors Involved In the Bank’s Credit Decision. There are many factors involved in a bank’s credit decision, and they differ depending on what financial institution is approached. These factors are listed below in order of importance, with a detailed look at what is needed to make this credit decision. DELINQUENCIES This is the most important factor. The arrears basically will show a picture of the health of the association and may possibly indicate how the property is managed. The management firm working together with the association’s attorney, should show an aggressive strategy in minimiz- ing the receivables from the unit owners, and pursuing delinquent unit owners with payment plans and possible foreclosure actions. Many associations are including a bad debt line item in their annual budget, anticipating cash flow shortfalls. The bank will ask for a copy of an

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