Apartment association loan

Apartment loan calculator

A woman stands on a construction site, holding a blue folder and making notes. In the background, there are construction workers erecting scaffolding.

The apartment association loan with its long period and attractive interest designed to finance the renovation of the whole apartment building and the improvement of its energy-saving features.

Flexible repayments
Coop's apartment association loans come with a repayment schedule of up to 30 years, lowering the cost of your monthly repayments.

Reduction of expenses
An energy-efficient apartment building consumes less power and thus your heating bills in the winter season become smaller.

Increased real estate value
A renovated facade, a new roof, repaired staircases, new windows, an updated power grid and heating system – all these things make apartments more valuable.

Pay less service fees
The Apartment Building Plan facilitates saving on service fees.

Financing up to 90%

Flexible payment schedule

A grace period for the duration of the renovation

Apartment association loan – Good to know

The maximum loan amount is 90% of the cost of the work
The length of the loan schedule is up to 20 years, for renovations done for the purpose of energy savings up to 30 years
The loan amount will be paid out on the basis of invoices and documents to the association’s current account in Coop Pank
A grace period of up to 12 months for the duration of the renovation
Interest 6 months’ EURIBOR + risk margin
Contract fee is 1% of the loan amount, minimum €250
Collateral
- pledge of proprietary rights on the obligations of the members of the apartment association
- surety from EIS (former KredEx), a private person or legal entity, term deposit or mortgage on an immovable
The apartment association must be registered as an apartment association at least 6 months before applying for a loan
There must be at least 3 apartments in the apartment association
The debts of the association’s members to the association may not comprise more than 10% of the total amount of invoices for the last 6 months
There are no deferred debts to credit and financial institutions, the Tax Board and utility service providers
Loan application
Sample protocol of the apartment association
Competent resolution of the general meeting to take the loan, including a registration sheet of the members who attended the meeting
Financial statements
- financial statements for the last 2 financial years
- balance sheet and income statement for the current financial year as at the end of the last quarter
Brief description, budget and schedule of the work to be performed, copies of construction offers, designs and building permit, if necessary
Report on apartments in arrears
Statement of the association’s payment account(s) for at least the last 6 months if the apartment association does not settle via an account in Coop Pank
Extract from the Land Register on the apartment owners
Management plan including the requested loan
The last invoices from major service providers indicating that there are no overdue amounts
If necessary, an expert assessment or energy audit of the building