Contact Information: Media Contact: Alan Penchansky The Pen Group Tel: 305-529-1944 alan@thepengroup.com
New Service Enables Condo and HOA Communities to Receive Immediate Payment of Delinquent Maintenance Fees
FACS - Funding and Collections Service(TM) From Association Financial Services Entails No Long-Term Commitments or Obligations
| Source: Association Financial Services
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.