LM Funding, LLC ("LMF") was formed in January 2008 by a group of real estate and legal professionals with over 50 years and over $1 Billion dollars of investment and transactional experience. LMF is a financial services company that provides principal secured funding to statutorily formed condominium and home owners associations in exchange for an assignment of the Associations' right to collect statutory interest (18%), late fees, attorney's fees and costs on an Association's delinquent assessments. LMF collects and remits delinquent assessments to its funded associations. LMF funded its first Association in April 2008 and since that time has funded money to many additional Associations. LMF's accumulated Delinquent Assessment balance is now in excess of $13 million. Based inTampa, LMF has provided funding to Associations throughout Florida. LMF is privately funded and poised for rapid sustained growth.
Testimonials
“Their aggressive collection tactics have brought this Association to a positive cash flow position and avoided a very large and damaging Special Assessment to the unit owners.” Diane Lee
President, DLG Management Services, Inc.
Why LM Funding
Florida's building boom, combined with the current mortgage crisis and a statewide economic downturn has resulted in a tremendous oversupply of condominium units. Many condominium Associations are now faced with a variety of issues maintaining the integrity of their communities while owner assessments are left unpaid.
LM Funding Benefits
Immediate Non-Recourse Capital
No Cash Outlay by the Association
Collections Designed for Today's Market
Reduced Need for Speical Assessments
Reduced Collection Costs
How LM Funding Works
LM Funding assists Associations by providing them quick and easy interim capital to offset delinquent assessment balances. LM Funding also assumes all of the collection duties of delinquent assessments, relieving the Association from collection expenses and burdens. With LM Funding, an Association immediately collects delinquent assessments and ensures funding for future assessments.
