Don’t let your budget get in the way of your big plans.
What is a Project Loan?
Project Loans from Propell are unsecured revolving loan facilities provided to sectional title schemes and homeowners associations. Once approved, the funds can be accessed immediately and community schemes can draw from the revolving facility when – and as often – as needed. They can select a repayment term for each drawdown to meet its needs. Each drawdown is repaid in equal monthly instalments
Project Loans are the fastest, most efficient and cost-effective way to have work completed.
Benefits of Project Loans
- Funds are immediately available
- You decide when and how much to draw
- Flexible repayment terms of up to 5 years
- Only pay interest for what you use and when you use it
- No surety or cession of levies required
- No penalty for early settlement
How can your Sectional Title Scheme or HOA use project loans?
Community schemes such as Sectional Title Schemes and Homeowners Associations can utilize project loans from Propell to complete projects like maintenance, upgrades, waterproofing, repairs or implement energy-saving solutions. Regularly maintaining and upgrading buildings as well as common areas are essential for community schemes. Servicing lifts, improving security systems and investing in waterproofing are just some of the things HOAs and Sectional Title Schemes can do to keep homeowners and tenants happy.
Cash flow, however, is often an issue and to avoid increasing levies to perform upgrades, community schemes can make use of project loans.
Project loans can also be used to settle municipal arrears or fund professional services such as legal fees and consulting fees.