Convenient. Flexible. Manageable.
- Ideal for major repairs or maintenance of common property of the strata.
- Excellent alternative to owner levies or lump-sum assessments.
- Enable strata owners to fund repairs over time.
Simple, reliable and equitable financing.
Managing a strata is a challenging task, made even more so when faced with major repairs or maintenance. Financing these expenses through owner assessments can be a significant hardship for residents, particularly when it's a large expenditure or when multiple projects are involved.
Financing with a unique strata loan is an excellent alternative to owner levies and offers a number of attractive benefits both to the Strata Corporation and the owners. It's ideal for any major repair or maintenance expense related to common property of the strata, such as:
- Garage/car-park upgrades
- Window upgrades
- Balcony upgrades/replacement
- Fire or plumbing retrofit
- Security systems
- Lighting retrofit
- Heating and air conditioning
- Painting/stucco renewal
Benefits to the Strata Corporation.
A strata loan provides funds directly to the strata corporation, not the individual owners. This allows the corporation to provide owners with the option to pay large repair or maintenance bills over time in convenient and manageable installments.
- Provides an alternative or supplement to a lump-sum special assessment.
- There is no delay to work scheduling.
- Large expenses/costs can be spread over years.
- Flexible terms and rates make it affordable and cost-effective.
- Convenient – no personal credit application or enquiry is needed, and the application can be completed over the phone.
Benefits to the Strata Owners.
- Lessens impact on owners' personal savings or level of debt.
- Doesn’t impose a significant or impossible financial burden, especially for those on a fixed or limited income.
- Smaller payments spread over a period of time are easier to manage.
- No loss of equity when owners wish to sell their property due to payout of lump-sum special assessments; new owner can take over the monthly payments similar to strata fees.
- No personal credit application or enquiry needed.
- No visit to the owner’s financial institution required.
- No personal guarantee required.
- Allows the cost of major repairs to be passed through to future owners who benefit from the work as well.