Norm finances the repairs that condominium associations can't write a check for — a new roof, a façade restoration, a boiler replacement — so residents pay over time instead of a one-time special assessment.
An association needs a capital project done. Norm underwrites the loan against the association's statutory assessment authority. Residents pay monthly, on top of dues, over the life of the loan.
Façade, roof, mechanicals, life-safety. The board approves scope and selects a contractor. Norm doesn't pick the work.
We review the engineering report, the operating budget, and arrears history. We respond within a week. Plain term sheet.
The association adds the loan payment to monthly dues. Same lien priority that makes dues collectible. No special assessment.
A 12-unit Chicago condo association needs to replace its boiler. Special-assessing the building would cost each owner about $6,700 up front. With a Norm loan, that same project costs each owner roughly $140 a month for five years.
| Project | Units | Principal | Term | Rate |
|---|---|---|---|---|
| Boiler replacement | 12 | $80,000 | 60 mo | 9.50% |
Most banks find sub-$1M loans inefficient — the file work is the same as a $10M deal. We've built a process specifically for $25K–$250K loans against association assessment authority. We also don't require personal guarantees from board members.
Loans are secured by the association's statutory authority to levy assessments — the same authority that makes monthly dues collectible. In Illinois, six months of unpaid assessments sit ahead of the first mortgage; Massachusetts and Connecticut have similar but not identical priority structures.
Depends on your governing documents. Most boards have authority to incur debt up to a stated cap without a unit-owner vote. We'll review your bylaws as part of the underwrite.
We typically respond within a week. Closing timing depends on the engineering report and lien certificate — usually four to six weeks once the file is complete.
We'll respond within a week. No deck required, no NDA.
Or email hello@norm.fi.
