From time to time my HOA (homeowner's association) needs extra money for a project (eg painting fences, fixing roofs, plumbing repair, etc). They typically respond by raising the monthly HOA dues for a short time to cover the expense.
I talked to a banker about possibly getting a loan in the name of the HOA. The bank was willing to give a loan, but they wanted an individual guarantor. It's quite hard to convince someone to be the guarantor. What are some incentives we can give someone for volunteering to be a guarantor? Is there any other way we can raise money without resorting to higher HOA fees?