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Our condo property was recently constructed (or converted), a portion of its units are still owned by Developer who is guaranteeing their portion of Association expenses…what can LMF do for us?

April 26, 2017condo constructed converted Developer guaranteeing portion Property units

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Our condo property was recently constructed (or converted), a portion of its units are still owned by Developer who is guaranteeing their portion of Association expenses…what can LMF do for us?

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LMF will fund against the units the Developer has sold. LMF will not fund against Developer owned units while the Developer is guaranteeing Association’s expenses, or fund against Developer owned units while the Developer has any position on the Association’s board. LMF will consider funding against Developer owned units only after the Developer has relinquished total control of the Association and the Developer is no longer guaranteeing anything to the Association.