CAI-NJ Nov. 2019(w)

LOOKING AHEAD... from page 6.

FINANCING... from page 40.

was a legend at the chapter and his smile and genuine leadership, and guidance will be missed. Jack men- tored several of our homeowner leaders and I never hesitated to reach out to Jack to get his view on other chapter matters. He was a good friend and I’m sure I can say he will be missed by everyone that knew him. n

impact. He attended every event and was elected to the Board of Directors earlier this year. Bruce was one of our select homeowner leaders that took the M-100 class and went on to get his CMCA designation. Jack McGrath

Should the request be approved, the bank issues a commitment letter outlining the terms and conditions of the credit facility being offered. The commitment letter should contain the terms (Term Sheet) for a line of credit, a term loan or a combination of both. Be wary of Term Sheets; they are not formal commitments and can some- times cloud the aAssociation’s review of loan offers. IV. Summary Many people, working in the com- munity association industry for years, or coming from other fields, have seen the normal movements of the business cycle and have had the firsthand experience in dealing with such finan- cial circumstances. Some predict we may face significant challenges over the coming years. Others predict the economy may remain robust through 2020. Whatever the timeframe, if the Association is considering a large project which may require funding through a loan, it should be prepared with accurate financial documenta- tion, and all other relevant information prior to approaching any financial institution. The decision to borrow or not to borrow continues to be one of the most important decisions facing a board and its community. It is critical that community associations surround themselves with professionals to aid in this decision-making process. n

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