CONSIDER THE FOLLOWING SAMPLE TRANSACTION FOR YOUR CONDO BOARD:
You manage a 30 year old, 10-storey, 100-unit condominium building. Your property is in urgent need of balcony railing replacement and concrete slab-edge repairs projected to cost $500,000.Your reserve fund can’t support this large expenditure…
As a Condo Board Member or Condo Property Manager you are all too familiar with the constant demand for capital to repair and improve common area elements in the building that you reside in or manage. Capital expenditures such as energy retrofits, parking lot resurfacing, brick repairs, roofing, and other major items can cost from $100k to several millions of dollars.
Once it has been determined that repairs or improvements are necessary to maintain the building infrastructure, it becomes a question of how to finance the expense. Although most Condo Corporations have reasonable reserves to meet everyday costs, often a Board is confronted with the problem of lacking sufficient funds to cover major items that are in urgent need of repair or replacement.
BP Capital offers you a creative and easy solution….
WHAT ARE YOUR OPTIONS?
1. You levy a costly Special Assessment of $5,000 on each and every unit owner, requiring all owners to immediately pay for this expensive capital expenditure upfront.
2. You choose the simple and easy solution of borrowing the funds through a loan agreement with BP Capital at a competitive rate – and on terms that satisfy your Condo Corporation budgetary constraints.
Using the more flexible Option 2 gives owners the ability to finance this large cost and avoid additional complications upon a sale of their unit.
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The following are some of the advantages of financing condo improvements with BP Capital:
- Competitive fixed rate financing
- Loan terms from 3 to10 years with up to a 20 year amortization.
- Owners are not required to use their own cash or borrow if assessed for these improvements.
- All documentation is completed by the Condo Corporation.
- The loan payments are pro-rated to the owners and added to the monthly Condo maintenance fee.This benefit is important in that you pay as you benefit from the improvements but if you move this cost is passed on to the next owner.
- There is no security taken over each individual unit.