SOURCE: Association Financial Services

Association Financial Services

November 04, 2009 11:11 ET

Association Financial Services Expands Assistance to Struggling Condos & HOAs on Florida's West Coast, From Ft. Myers to Tampa Bay Areas

Specializing in Community Association Accounts Receivable, Lending and Other Financial Services, Association Financial Names Cathy Bloomberg to Lead West Coast Sales

SARASOTA, FL and MIAMI, FL--(Marketwire - November 4, 2009) - Association Financial Services (AFS), a leading provider of financial services and lending solutions for Florida condominium and homeowners associations, today announced the opening of its Florida West Coast regional sales office, serving the condo and HOA markets from Naples north to Tampa/St. Petersburg, including Fort Myers, North Port, Sarasota, and Bradenton.

AFS also announced it has appointed Cathy Bloomberg, a veteran finance industry executive, to head its Florida West Coast regional sales office, effective immediately. Ms. Bloomberg will cover the Florida West Coast region for AFS from North Port and will report directly to AFS' CEO and Co-Founder Kenneth Arnold.

AFS works closely with scores of Florida common-ownership communities to improve and maintain their association financial condition during this period of particular economic hardship for community associations across the State.

"Association Financial Services is pleased to announce that Cathy Bloomberg has joined our statewide AFS team and will spearhead efforts to help community associations all along the west coast to increase their collections and improve their financial condition," said Ken Arnold, CEO and Co-founder, AFS. "Our industry leading financial solutions have helped scores of condos and HOAs to immediately shore up their operating budgets, while minimizing the acrimony and disputes that can negatively impact relationships between the Board, the property manager and the owners."

Prior to joining AFS, Ms. Bloomberg held positions with leading mortgage finance institutions in Florida and Ohio and brings to AFS more than seven years experience in wholesale lending and mortgage origination. In Southwest Florida, Ms. Bloomberg plays an active role in Business Network International, the world's largest business referral organization, where she serves as Assistant Area Director responsible for managing chapters in Port Charlotte and Englewood and a soon-to-be-launched Sarasota chapter.

Since its founding in 2006, AFS has helped scores of community associations throughout Florida, including:

--  In Lee County, the developer of the 240-unit Mystic Gardens
    Condominium in Ft. Myers, which has seen monthly assessment income increase
    by 49% since bringing AFS on board to handle its accounts receivable,
    registering nearly double the monthly fee income for June-August 2009;
--  In Palm Beach County, The Lands of the President Condo Association II,
    a 114-unit upscale condo community with a $73,000 monthly budget in West
    Palm Beach, which saw monthly maintenance fee revenue exceed 100% of the
    budgeted total and cash receipts increase by 178% within the first three
    months of hiring AFS;
--  In Miami-Dade County, Aventi, a 180-unit waterfront town home
    community in Aventura just south of Turnberry Isle Country Club with a
    $75,000 monthly budget, which experienced a 24% increase in monthly
    assessment collections in its first year as an AFS client;
--  In Miami-Dade County, a 160-unit waterfront tower near Miami Beach
    with a 53% delinquency rate, which received a $300,000 loan from AFS.
    

Association Financial Services offers associations in all types of financial conditions a variety of services based on needs, including private money capital improvement loans, interest free revolving lines of credit, accounts receivable factoring, attorney cost deposit advances, other specialty loans, accounts receivable servicing & collections, loan work-outs, loan modification, and more.

For more information on Association Financial Services, visit www.associationfs.com or call 305-677-0022.

About Association Financial Services

Association Financial Services, L.C. (AFS) specializes in providing specialty lending and financial services for condominium and homeowner associations throughout Florida, resulting in more effective property management, more efficient budgeting, reduced costs to the good paying owners, better financial management controls, better Board/Owner/Manager relations and improved owner satisfaction. AFS works with associations in all types of financial conditions. AFS suite of services includes: private money capital improvement loans, interest free revolving lines of credit, accounts receivable factoring, attorney cost deposit advances, other specialty loans, accounts receivable servicing & collections, loan work-outs, loan modification, and more. For more information, visit: www.associationfs.com

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