Overview

Success in the tax lien business inspired LM Funding's founders to create LM Funding in January 2008.  Once upon a time, if a land owner failed to pay property taxes a municipality would hire a collection attorney and cut services to balance its budget.  Over time this wasteful practice evolved into tax lien auctions where the municipality sells its lien position to the highest bidder who then undertakes collection efforts.  In 2009, Florida municipalities sold $9 billlion in bad tax lien debt.

An owners association is basically a mini-municipal government with similar taxing, lien, and collection rights.  When faced with delinquent accounts, current practice is to hire an attorney to collect bad debt and cut services.  LM Funding intends to change this and create a market for association bad debt that will free the association from the burden of collection efforts and the pain of having to cut services.  For associations that contract with LM Funding, bad debts turn into instant cash and all costs of collection go away.  It's just that simple.

LM Funding, LLC  ("LMF") was formed 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 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 throughout Florida.  LMF’s  accumulated Delinquent Assessment balance is now in excess of $20 million.