Lannock Fire Safety Compliance Loans

With everyone on the edge about fire safety , the Lannock Fire Safety Compliance Loan is designed to help owners and body corporate managers address critical issues in fire safety.

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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 Body Corporate 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 Strata Loans

Lannock provides funds directly to the body corporate – we do not lend to the individual owners. Our funding is completely unsecured – there are no mortgages, banker’s liens, charges or caveats. Because we provide funds to the body corporate directly, we do not investigate the financial position of individual owners of units. We do not require owners, committee members or the strata manager to give personal guarantees. The strata manager is not required to certify documents.
Lannock will provide funds for strata improvement projects up to 20% (depending on the size of the strata scheme) of the aggregate market value of the lots in your strata company. Subject to this percentage, there is no specified minimum or maximum amount we will fund.
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.
Advances can be drawn at any time during the Availability Period (which is usually 1 year from date of the Facility Agreement).
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)