Large or Small – Could Strata Finance be the Solution?

The use of strata finance can assist strata properties to increase the value of their assets with upgrades to common areas and improvements to the building and surrounds.  From a new coat of paint to modern transformations of common property and facilities, make-overs can smarten up a building and add value to any property. 

Strata finance can be sourced for making improvements, financing repairs, installing energy saving solutions and upgrading or building new facilities similar to these following projects around Australia. 

Carr Street, Coogee Beach

A project that excited the residents of 58-60 Carr Street, overlooking the exclusive Coogee Beach shook things up and got the suburb talking.  The refurbishment project carried out by the team at Max Build included a full transformation of the building exterior including the extending of balconies to each of the units and improvements to the common areas.  With the use of StrataLoans funding to complete the project, the value of the property has increased by 20% since completion according to building owner, Danny Dekker.

Beach Haven Apartments, Gold Coast

The strata committee of Beach Haven Apartments in Broadbeach on the Gold Coast recently took advantage of the services of StrataLoans with a large scale project including common area improvements and the replacement of their body corporate windows, doors and balustrades across 32 floors.

The installation of the glass doors, windows and balustrades throughout the 147 units has been carried out by local company, Windowline, Quality Handrails and JPSM Project Management, who are experienced in working with body corporate and strata management teams to provide innovative solutions for mid to high-rise apartment buildings across Australia and have partnered with a number of strata committees utilising the services of StrataLoans.  “This project gave this 35 year old building a modern and up to date look externally to suit the ever changing Gold Coast skyline” says Beach Haven committee treasurer, Phil David.

Riverview Apartments, Coffs Harbour

Jetty Strata Management recently utilised strata finance from StrataLoans on their Riverview project.  The small apartment building of 10 lots at Mildura Street, Coffs Harbour was treated to a fresh render job and coat of paint to rejuvenate the exterior of the buildings in small stages.  Contractors NAC Painting, Render Texture Paint and Novocastrian Scaffolding Coffs Harbour completed stage one which transformed the old, dated building into a modern, clean and fresh looking complex.  The owners corporation were very pleased with the result and are preparing the finance for stage two works.

There are 3 ways to fund projects in Strata. 

Sinking Funds

An owners corporation or body corporate collecting quarterly levy payments over time in readiness for a project in the future.  This money is funds that an owner will never recoup if they ever decide to sell their property.

Special Levies

These payments that are agreed upon at a meeting and are collected over short period of time for a specific project that needs to be completed now.  This can be difficult for owners who do not have access to a large amount of cash in a short period of time

Strata Finance

This form of funding can be looked at like a reverse sinking fund.  The works are able to be done now at a secured price, therefore avoiding price increases whilst saving and it is paid back over a period of time.  It is also a cost that stays with the lot and not the owner, so if a lot is sold the debt is carried over to the new owners levies.

No matter the size of the building or scale of the project, StrataLoans can provide finance to fund works of all dimension.  StrataLoans can assist strata properties with an unsecured loan, with no mortgage or personal guarantee required.

Using strata finance may the quickest, most efficient and cost-effective way to have works completed now, with repayments incorporated into owners’ quarterly levies providing the best strata finance solution.  StrataLoans are experts in funding and can assist your committee in examining all options.  To get the process started, all we require is owners corporation/body corporate name and number, property address, number of lots, amount of funding required and the purpose of the funding.  StrataLoans can then provide a proposal which will cover how the loan works and indicative repayments for discussion with the committee. Once approved, work can be completed immediately, with no time waiting for collection of special levies.  Using StrataLoans saves time, expense and provides complete certainty of funding with no need for financial information from individual owners, making the process fast and efficient.

Contact StrataLoans National Manager, Debbie Barker on 1300 785 045 to discuss your strata loan options and how you can benefit from this funding solution.