SOURCE: Association Financial Services

Association Financial Services

January 20, 2010 08:45 ET

New Service Enables Condo and HOA Communities to Receive Immediate Payment of Delinquent Maintenance Fees

FACS - Funding and Collections Service™ From Association Financial Services Entails No Long-Term Commitments or Obligations

MIAMI, FL--(Marketwire - January 20, 2010) - Association Financial Services (AFS), a leading provider of financial services and lending solutions for Florida condominium and homeowner associations, today introduced FACS - Funding and Collections Service™, a new service that enables communities to transfer administration of past-due maintenance fees to AFS and receive immediate payment, instead of waiting for homeowners or banks to pay.

Using FACS, communities can obtain immediate cash -- up to 100% of the amount owed in some cases -- without any risks, obligations or long-term commitments. AFS assumes all collection costs and risks under the program and there are no lengthy application processes. Every community is eligible.

FACS guarantees complete payment of up to six months of past-due maintenance fees on delinquent units -- the statutory cap on assessments that may be subject to a bank foreclosure. Communities also receive 100% of all remaining past due maintenance fees, plus 100% of all special assessments, as soon as they are collected by AFS, a licensed, accredited and insured fair debt collection company.

"We designed FACS to provide immediate cash relief to community associations, without interfering with their attorney or manager," said Ken Arnold, AFS co-founder and CEO. "It gives communities beleaguered by the dual impact of the real estate market collapse and economic recession access to immediate cash with no obligations and no hidden fees."

Under the program, AFS assumes administration of collection of all delinquent regular and special assessments and any other amounts which may be due on submitted units. Upon collection, AFS is reimbursed the amount paid to the Association on each delinquent unit in addition to retaining any interest, late fees and AFS's collection costs recovered; 100% of all maintenance fees collected, and 100% of all special assessments or other association charges collected, are paid to the association. If legal action is required, AFS works with the association's own attorney, and can even advance foreclosure cost deposits, to expedite the legal process.

"As collection experts and community association financial solutions specialists, we are uniquely able to offer FACS," Mr. Arnold explained. "Our professional knowledge, proprietary system and years of collections experience with thousands of units, allows us to maximize early collection of every dollar due to the association."

There is no limit to the number of units communities and managers can submit for FACS. Units that have already been sent to an attorney for collection by the association or are involved in a bank foreclosure also qualify for FACS.

Since its founding in 2006, the oldest and largest company of its kind in Florida, AFS has worked closely with scores of condominium and homeowners associations throughout Florida to improve and maintain their financial condition during this period of particular economic hardship. Association Financial Services offers associations in all types of financial conditions a variety of services based on needs, including loans to associations with high delinquency rates, capital improvement loans, interest free loans, attorney cost deposit advances, other specialty loans, accounts receivable servicing & collections, loan work-outs, loan modification, and more.

For more information on FACS and other AFS services, visit www.AssociationFinancial.com or call 305-677-0022.

About Association Financial Services

Association Financial Services, L.C. (AFS), formed in 2006 by principals with extensive financial experience in both public and private, equity and debt markets, specializes in providing specialty lending and financial services to condominium and homeowner associations throughout Florida. The Miami-based company is financed through institutional investors and private entities, and is currently budgeted to provide over $100 million in capital to community associations. AFS's suite of solutions includes: loans to associations with high delinquency rates, capital improvement loans, 40 year recertification loans, interest free loans, FACS - Funding and Collections Services, foreclosure cost deposit funding, other specialty loans, accounts receivable servicing, loan work-outs, loan modification, financial consulting, and more. For more information, visit: www.AssociationFinancial.com or call 305-677-0022.

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