Sectional Title Solutions (“STS”) remains committed to our partners and clients during these difficult times and continue to innovate with the win, win, win philosophy in mind.
These are challenging times for many Bodies Corporate and Homeowners Associations and STS is working hard to continue to deliver value, cut costs, and / or generate revenue for our Community Scheme clients.
It is a growing concern in the industry that many Community Schemes will suffer the effects of the current economic downturn and some may even be put in a position where they are unable to meet their monthly operational expense obligations, as many of their unit owners may be retrenched and / or have their salaries cut as a result of the national lockdown and epidemic.
We are pleased to advise that BC Funding Solutions (Pty) Ltd, the funding division of STS, offers our Community Scheme clients the opportunity to sign a no-obligation arrear levy funding facility, for emergency funding if required.
The need for Community Schemes to offer a period of leniency to their indebted unit owners has never been greater. Our arrear levy funding facility will ensure that the Community Scheme continues to operate as if all unit owners had, in fact, paid their levies and will enable the Trustees or Directors to provide a level of financial support and leniency to unit owners that have suffered as a result of retrenchment or reduced income.
Effectively, what this means is that the Community Scheme Trustees or Directors can now offer their indebted unit owners extended repayment terms to allow for rehabilitation and potentially save on unnecessary and punitive legal fees that would only further exacerbate the indebted unit owners financial situation and place pressure on the Community Scheme’s cash flow.
The benefits to both the paying unit owners and indebted unit owners are significant. A sure win, win, win solution to all parties involved!
- No sign-up or initiation fees;
- Interest only accrues on drawn down amounts (no obligation to draw down);
- Fund 100% of your arrear levies (no discounting applied) *;
- Opportunity to provide financial leniency to indebted unit owners;
- Potential to avoid unnecessary and punitive legal costs;
- Retain control and management of collections;
- Simple and easy process (we hold your hand every step of the way);
- Repayment “as and when” arrear levies are collected.
* Terms and Conditions apply
Given the difficulties surrounding the holding of Community Scheme meetings during these times, we have developed a round-robin resolution that can be distributed electronically to unit owners to ensure that the decision to enter into the arrear levy facility is ratified and meets the legislative requirements.