Reasons why LM Funding is a good choice to address Condo Association Assessment issues:
- Increase Unit Sales by Eliminating Risk. Associations that can not meet cash flow needs levy special assessments on existing owners. Condo buyers know this and will not accept the special assessment risk associated with purchasing a unit in a property where numerous unoccupied units are not paying assessments. Properties with funding agreements with LM Funding can set aside this legitimate buyer concern resulting in more units sold and a healthier project.
- Don’t let the Insurance Lapse. Poor cash flow from assessments and special assessments gets critical when insurance premiums come due. Association Directors who let insurance lapse may possibly face personal liability for negligence. LM Funding can eliminate this risk forever.
- Eliminate Special Assessments. No one likes levying or paying special assessments to cover operating cash shortfalls caused by delinquent owners. Many owners must borrow to pay special assessments. Most would prefer selling their collection rights to LM Funding.
- Focus on Improving Your Condominium Home. Beautifying and improving your condominium home improves quality of life and increases value but takes time, money, and energy. Collecting delinquent assessments takes time, money, and energy but decreases quality of life and provides no benefit to the value of your condominium home. Let LM Funding give you the cash needed now to improve your property in exchange for the opportunity to do the thankless task of collection.
- Smile at Your Neighbor. Your neighbor owes money and you have to cover for him by paying a special assessment and living in a property lacking in planned amenities and improvements. You’re rightfully bitter. Your neighbor doesn’t want to be foreclosed and constantly appeals to your good nature to give him another chance. You have to ride the elevator together every day. Relax, smile, and admire the new flowers in the lobby. Your association got the cash it needs from LM Funding to make your home safe and beautiful and its financial conditions will not be affected by begging, pleading and politicking by deadbeat owners. So smile at your neighbor. He causes you no pain.
- Collection Costs Cash. Unpaid delinquent assessments create a cash crunch for your Association. Your Association can pay a collection agency and lawyers to collect delinquent assessments but that just costs more cash. LM Funding will buy your rights of collection for cash paid now. Our in-house legal department has a vested interest in recouping the balance of your money and LM’s money that other collection options don’t.
