You live in a great apartment block but you have started noticing some deterioration occurring. Basic maintenance is being carried out to fix some of the problems so daily life goes on. Until one day…..one of the apartment balconies literally falls off. Can you imagine your strata title building being faced with this problem?
This scenario really did happen. Immediately, exclusion zones were put into place, props were erected to hold the other balconies in place and fencing constructed around the site. Engineers were called in to assess the situation and report on what needed to happen to make the building safe.
The owners were placed in an unenviable position. They were faced with the following options: have the local council condemn the building and lose their investment completely; pay a special levy to cover the 500,000 dollars in repairs ($35,000 per lot leaving some owners in bankruptcy); or consider strata finance to cover the work, spreading the cost over several years through their annual levies. The last option would mean the building could be repaired immediately and each lot owner’s investment saved.
There is a happy outcome to this story. The Strata Manager approached StrataLoans to find a solution to financing the repairs and within two weeks work had begun. The work is now complete and the owners are delighted that their investment has been protected and that they can live safely.
Bridget, the Strata Manager was ecstatic and grateful to StrataLoans for streamlining the process. From the initial conversation, to being supplied with a checklist of the documentation needed and finally the drawing down of the loan and paying contractors was a huge relief.
“It wasn’t panic stations” said Bridget, “Everything was easy to read and for my committee to understand. We had confidence in the process and the people from StrataLoans who helped us every step of the way”.
“Would I use StrataLoans again? Yes, absolutely. I trust StrataLoans to deliver on their promise, to respond to my calls and to work with me to determine the best solution for our owners”.
This scenario is not uncommon and considering strata finance may be the solution.
Call StrataLoans today to explore your strata finance options. 1300 785 045