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A condominium can borrow money from a bank. Generally whether it can do so under specific terms is based on the condominium documents. Look to see whether the Board has the authority alone, or does it need approval of a vote from the unit owners. Sometimes they have to get a majority of owners to approve the loan. Sometimes it could be more than the majority, such as two-thirds. But generally, there are ways a condominium can borrow money from a bank.