Sometimes your scheme requires urgent necessary maintenance and the strata company finds itself struggling to raise the funds in a hurry. You might like to consider a strata loan.
Macquarie Relationship Banking recently sent me some information about how they provide finance to Strata Companies to fund mechanical, aesthetic, and structural improvements. This kind of loan means that you can tend to those urgent maintenance items well before you can raise that lump sum through the usual channels.
Macquarie explains its loan product benefits as:
· Loan terms of up to 10 years
· Reduced financial dependence upon existing lot owners to fund large-scale capital works
· Payment solutions to suit most financial situations and levy cycles
· Funds are available quickly and works are not delayed while funds are collected
· No security taken over lot owners' personal assets
· Lump sum contributions throughout the loan term attract no penalty fees
· Potential savings for lot owners by allowing works to be carried out quickly with upfront funding (rather than stretched out over a period of time).
You can visit the Macquarie website to find out more about their strata loans.