Lannock Fire Safety Compliance Loans
With everyone on the edge about fire safety in strata, the Lannock Fire Safety Compliance Loan is designed to help owners and strata managers address critical issues in fire safety.
A Lannock Fire Compliance Loan allows bodies corporate to:
Fix compliance issues now at today’s costs
Stay in control of your building and your safety
Easily draw down when funds are required
Pay no fees or interest if the facility is not used
Make an early repayment in full without penalty, simply contact us to deduct the final interest amount on your next monthly payment
No initial outlay
An easy multi-drawdown facility
Choose your loan term for each advance
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)