High fees, loans, and regular assessments are all drawbacks to potential buyers. If you are not planning to sell, those drawbacks are less significant. In your case, it sounds like your condo association needs to raise a considerable amount of money. Many condo associations don't like to borrow. Individuals are often able to get better rates than a condo association could or have the money in savings, in which case they don't want to pay bank interest, even indirectly through their fees.

Another drawback to condo association loans is that the danger of defaulting could put management of the association into the hands of the bank. If you opt for a loan, it is important that you understand the consequences of defaulting.

To raise a large sum, you might adapt a hybrid approach by raising fees and introducing assessments. Raise fees to create a permanent reserve fund. This is money that can be used for emergencies, major repairs and improvements, and temporary cash flow problems. Try to keep your fees more or less in line with the fees of similar buildings in your area. (Some real estate websites include fees in their listings, making it easy for you to compare.) If, after doing that, you still need to raise more, then discuss with your unit owners how they want the assessment to be handled. If they are borrowing, they may want one big assessment, rather than several small ones.

Lastly, be prepared to compromise with your unit owners. Some may be on fixed incomes, some may have poor credit, and others may be struggling to pay their mortgage. You might find that you have to cut back on ambitious plans.