What strata loans are used in strata
A strata loan can be used for a variety of expenses including rectification works, upgrades, emergency works, green initiatives, insurance premiums, plus more. Any expense a body corporate may experience which is not budgeted in the maintenance or sinking fund can be covered by a loan.
Loans are unsecured and offered directly to an owners corporation or bodies corporate. Loan repayments are then incorporated into quarterly levies so no need for lot owners to pay large amounts through a special levy to cover costs.
Here is an example of where a building which was faced with the possibility of being condemned if major funds were not committed to restoring deteriorating balconies. What a great outcome for the owners who were threatened with losing their home and their investment.
Major rectification works were required to be carried out on this building in the heart of Melbourne. Using StrataLoans ensured the work was completed quickly and efficiently giving the investors peace-of-mind that their asset was protected.
This scenario shows how a deteriorating façade was repaired quickly and efficiently giving the owners peace-of-mind and a feeling of pride in their newly renovated building.
Contact StrataLoans today to discuss your options.