Florida's CAM Help Program - the Condominium Association Rescue Initiative
In the wake of the tragic Surfside condo collapse on June 24, 2021, Florida enacted crucial new condo safety laws known as Senate Bill 4-D and Senate Bill 154. These laws, while essential for ensuring the safety of our communities, have also introduced substantial financial burdens that many associations were not prepared for.
In response to this urgent need, we have secured a significant influx of capital specifically allocated to assist condominium associations in need of financing. Our team of experienced commercial contractors, coupled with our in-house finance experts, possesses a deep understanding of the intricacies of condominium associations. We are committed to guiding associations and community managers through the construction and financing processes efficiently and effectively.
Now, let me highlight the key features of our available financing options:
Comprehensive Financing: We offer 100% financing, covering the entire cost of your project.
No Reserve Minimum: Unlike many traditional lenders, we do not impose a minimum reserve requirement, providing greater financial flexibility for your association.
No Liens on Individual Units: Your association's assets remain protected, as we do not place liens on individual units.
No Rental Limitations: We recognize the importance of rental income for your association. Our financing options come without any rental restrictions.
No Personal Guarantee: We do not require personal guarantees from association members, ensuring that your personal assets are safeguarded.
Optional Payment Deferral: We offer a unique feature where you can defer payments for the first 12 months, providing immediate financial relief to your association.
Hybrid Pick-a-Payment Style Loan: Our flexible loan structure allows you to choose between interest-only payments or a combination of interest and principal payments, giving you control over your cash flow.
No Prepayment Penalty: You have the freedom to repay your loan early without incurring any prepayment penalties.
Financing for New Reserves Requirements: We are prepared to assist associations in meeting the new reserve requirements mandated by recent legislation.
Competitive Rates: We are committed to providing competitive interest rates, ensuring that your association receives the most favorable financing terms possible.
In conclusion, the Florida CAM Help program is proudly powered by Main Source Capital, Corp and is here to support your community's financial needs. Our comprehensive financing solutions, coupled with our expertise and commitment to customer service, make us the ideal partner for your condominium association.
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