Monday, March 5, 2012

----------------Financing Assessments ----------------

Hello Southpointers!

Many people asked for my election selections. If I didn't send them you my "picks" just let me know and I'll send them to you. So many people asked yesterday that I may have skipped a few. Ask again.

Today I am going to write about a possible way for Southpoint to finance the large number of projects that may have to be assessed during the next two or three years.

  The numbers below are only examples--we have no bank commitment yet.

If we have a million assessment and Owners paid it in full the amount for each unit would be the same as it was for the HVAC. 

But, if we financed $1,000,000, for ten years, the Association would pay about $11,000 per month, for ten years; and the average unit owner would have an addition $27.00 per month added to their quarterly maintenance. That's about $91 per quarter. 

$91 would be the average, some units (the one bedrooms) would pay less, others would pay more.

This is only an example, and at this time we have commitment at all for financing. Owners who want to avoid the interest would be able to pay up front.  

.mike