Strata Title Finance
Do you own office blocks and want to upgrade the airconditioning or the lifts?
Would you like to be able to invest in, and improve your strata title property(s) without having to put up any security and at a very competitive rate?
Then we have the answer for you.
About our funding;
Our funding enables Bodies Corporate to complete projects NOW without depleting scarce sinking funds or imposing a special levy.
We will fund capital works such as repairs, renovations, refurbishments and re-developments of properties as well as all associated professional services. We also fund insurance premiums and working capital requirements.
Strata communities frequently find that the ability to complete projects immediately has significant benefits: owner-occupiers can improve their lifestyle and investors obtain increases in capital value and rental return.
We provide funds directly to the Body Corporate. Our funding is COMPLETELY UNSECURED. There is no security taken such as mortgages, banker’s liens, charges or caveats.
Because we fund the Body Corporate direct, we do not investigate the financial position of individual owners of the titles. We do not require owners to give a guarantee.
All our documents and processes are fully compliant with the Consumer Credit Code.
Type of Facility:
We provide a line of credit. The amount of approved credit is available for a year, during which you can draw as many advances as you require. This structure has proved to be very useful for strata communities undertaking complex building projects and having to pay multiple suppliers in varying amounts. You only need to borrow as much as you need, when you need it and thereby saving on unnecessary interest costs.
Costs and charges:
We charge a single application fee of $500.00 which is fully refundable if the facility is not approved.
Other than this we are proud to say that you then only pay for what you use, when you use it. There are no commitment fees, no facility fees, no establishment fees, no line fees and no unused limit fees during the first 12 months of the facility. If there are un-drawn funds at the end of this time, we will ask you if you wish to continue to have access to these un-drawn funds and will charge an n administration fee if you wish to extend the availability of the line of credit for a further term.
We do charge fees and recovery costs if there are any dishonours, defaults, arrears, early terminations or other unusual events. (The facility agreement has a complete list of all fees charged in these situations).
Our interest rates are based on an indicator rate called the “Base Strata Rate”. This is a market rate which varies according prevailing market and economic conditions.
This rate can also vary based on the amount and the term of an advance and whether it is fixed or variable.
Where to from here?>
Please contact us if any part of this letter is unclear or if you want to find out more.