Homeowner Association Banking
The Homeowner Association Banking Group is dedicated to serving community associations, their managers and homeowners with specialized financial resources.
Common Area Repair and Capital Improvement Financing
Maintaining adequate reserves is a critical component to an association’s financial health, just as maintaining the association’s property is critical to owner satisfaction and property value. When common area repairs or improvements are needed and reserves are not sufficient, Harris’ project financing can be a solution. Project financing offers flexible loan terms, fixed and floating rate options, and funds availability in as little as two weeks.
Maximize Cash Flow
As property portfolios expand, accurate and efficient assessment collection can become more difficult and costly. Record keeping, writing checks, and keeping track of cash flow also are more challenging. By working with many property managers and understanding these demands, Harris has developed specialized services that can reduce your administrative costs and increase efficiency.
Property Management Lockbox
Designed for managers of multiple properties, this service automates assessment collection and allows for faster access to funds. Additionally, property managers enjoy:
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Timely internet-based reporting |
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Automatic electronic transmission of remittance information |
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Ability to accept payments from many associations using a single lockbox |
Electronic Assessment Collection
Lower your administrative costs, collect funds faster, and eliminate late payments by deducting regular assessments directly from homeowner’s bank accounts. Additionally, by offering this service Homeowners can eliminate writing checks. Your payoff . . . improved cash flow and lower administrative costs
Online Banking
Stay in touch with your financial position 24/7. In seconds you can ensure that a deposit posted or check cleared, print a statement, and schedule transfers to reserve funds up to 60 days in advance.
Optimize Investment Income
Immediate liquidity or long-term capital growth? Designing a winning investment strategy can be complex. Harris Relationship Managers, experienced in assisting property managers and homeowners’ associations, will help you design and execute an investment strategy based on your needs. We offer solutions with competitive rates which optimize the yield on reserve funds and other investments, and can provide FDIC insurance up to $25 million in deposits.
Benefits for Your Homeowners
Our services do not stop at the management office or at the Board meeting. As a client of Harris, the Association’s homeowners qualify for HarrisPlus Group Banking Services. Some of these benefits include:
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