Lannock Fire Safety Compliance Loans
With everyone on the edge about fire safety in strata, we’ve received an increase in loan enquiries to fix fire compliance issues.
To help strata managers and owners act with the necessary urgency, we have decided to waive our usual establishment fee for fire compliance loans for the rest of 2017.
Lannock Strata Loans
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 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)
Fire safety compliance loan – conditions for fee waiver
– Approval fee will only be waived for strata loans for the purpose of increasing the fire safety level of the strata scheme.
– Supporting documentation will need to be provided to Lannock.
– Applies only to Facility Agreements issued by Lannock Between 1st January 2017 and 22nd Dec 2017.
- “What was really great was being able to get a new retaining wall built within a few weeks of deciding to do it. You can’t put a price on that kind of peace of mind.” Graham Pooley, Treasurer, Owners Corporation, Bellevue Hill NSW.
- “Lannock’s service has allowed us to maintain our iconic piece of Melbourne.” Graham Wilson, Chair, Owners Corporation, “The George”, St Kilda VIC.
- “We would never have been able to achieve such a positive result for the owners without the support of Lannock.” Noel McDermott – Chair, Body Corporate, “Grand Reef”, Dee Why NSW
- “Borrowing should always be an option considered by strata owners as part of the funding mix.” Rob Beck – General Manager, Owners Corporations Victoria Inc (OCV).