Brosnan remediates, refurbishes, restores, and maintains existing buildings – and can help fund projects!
Through a partnership with MOD Finance, we can facilitate access to finance for building repairs, upgrades, and renovations.
Financing for body corporates of multi-unit residential properties can be complicated. Brosnan is pleased that this collaboration with MOD Finance enables our customers to address the underlying problem associated with carrying out repairs, upgrades, and renovations to multi-unit residential buildings.
What is Body Corporate
Finance?
Body Corporate Finance is the provision of a loan to the Body Corporate of a unit titled building.
What can the loan
be used for?
Loans can be used to fund:
- Rectification of building defects (e.g. weathertightness remedial work)
- Seismic upgrades
- Refurbishments and renovations
- Upgrades, including energy efficiency improvements (e.g. solar, EV charging stations)
- Maintenance
- In some cases, litigation and professional service fees
What are the benefits
to owners?
- Cashflow is improved by eliminating the need for upfront special levies.
- Where no litigation is involved, gives owners the ability to restore or increase building value, which unlocks equity and opens access to traditional lending options.
- Where litigation is involved, gives owners the ability to remediate first and litigate after, so they litigate based on proven actual costs as opposed to an estimate.
How does it work?
- Funds are available immediately
- Security is restricted to levies and does not necessitate mortgage security or personal guarantees
- Repayment of the loan typically commences after completion of the project
- Eligibility requirements and Terms & Conditions apply