Lannock Cladding Rectification Loans
Combustible cladding is a major issue facing residential and commercial strata properties across Australia. Buildings with combustible cladding are being required by law to rectify or face large penalties as a consequence of non-compliance. Strata owners in all states are increasingly being required by legislation to rectify the cladding and may face large penalties if they do not comply.
Lannock will fully fund all cladding rectification to assist owners with to meet their financial and legal obligations.
A Lannock Cladding Rectification Loan allows owners corporations to:
Access full funding required for all cladding rectification
Fix cladding now at today’s costs
Easily draw down when funds are required
Pay no fees or interest on any amount not used
Make an early repayment in full without penalty, simply contact us to deduct the final interest amount on your next monthly payment
Make their building safe
No initial outlay
Funds available now
How a Lannock Strata Loan works
Contact Lannock for a Loan Proposal to fund your strata improvement project. Discuss this with the owners.
Ready to proceed? Lannock will provide a Loan Contract to be tabled and approved at a General Meeting.
As works are completed, the body corporate draws down funds from Lannock to pay contractors.
You can draw as many advances as required, up to the value of the Loan Contract. You only pay for what you use, when you use it.
Lannock Strata Loans
Lannock will consider variations to this standard criterion in special cases such as where the building is being redeveloped or where additional value is being created.
Contractor’s invoices need to be provided in support of each Advance. Lannock will remit the funds directly into the body corporate’s account to enable a contractor to be paid, or re-imbursement for a payment already made.
You have the flexibility with each Advance to specify:
• Term of Advance (1 to 10 years)
• Variable or Fixed Rate (1 or 2 years)
• Interest Only Period (up to 2 years)