Lannock Standby Loan Facility
The essential agenda item for every general meeting.
A Lannock Standby Loan Facility gives your body corporate (also known as an owners corporation) backup financing when you need it. Whether your strata plan has levies in arrears or unanticipated expenses, a Lannock Standby Loan Facility will help you smooth uneven cash flows.
A Lannock Standby Loan Facility allows bodies corporate to:
Pay no fees or interest if the facility is not used
Borrow funds when needed for up to 2 years, with 1 year interest only and then principal and interest repayments in year 2
Easily draw down when funds are required
Make an early repayment in full without penalty, simply contact us to deduct the final interest amount on your next monthly payment
Borrow funds up to the amount of the Owners Corporation annual levies
How a Lannock Standby Loan Facility works
Download the resolutions to be included at your next Annual General Meeting
No fees or interest is charged if the facility is not used
As funds are required, the body corporate draws down funds from Lannock. Interest is only paid on drawings