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Sectional Title Solutions from Propell

Does your community scheme have outstanding body corporate levies and require financing?

Debtor Finance from Propell is the solution. Find out how our body corporate funding solutions can benefit your community scheme.

Building Sectional Title Finance

Debtor Finance made simple

If payments have dried up, your revenue stream shouldn’t.

Propell - Project Loans

With outstanding body corporate levies, it places undue pressure on the sectional title scheme. With cash tied up in arrear body corporate levies, it is unfair to rely on paying owners’ contributions to cover all expenses and it often leads to further default. The legal cost for the collection of arrears, which is seldom adequately budgeted for, creates a further burden.

Without the budgeted levy income, there are three possible scenarios for sectional title schemes:

  1. Paying owners have to cough up more
  2. Dip into reserve funds to cover the shortfall or;
  3. Cut back on planned projects or other expenses

Body corporate levy default could lead to a vicious cycle in which buildings are not adequately maintained and bills are left unpaid, leading to a deterioration in property value.

What is Debtor Finance and how can it benefit your sectional title scheme?

Propell’s Debtor Finance provides sectional title schemes with reliable and steady cash flow. Debtor Finance is a revolving loan that provides up to 80% of home owners’ levy arrears. The revolving line of credit allows community schemes to meet their budgets without requiring owners to cough up more or dipping into reserves meant for a rainy day. By unlocking the cash tied up in levy arrears through the sectional title solutions from Propell, there is no interruption to paying bills or performing maintenance.

How does Debtor Finance work?

Debtor Finance is a loan facility to cover the shortfall left by owners who default on their levy obligation. Propell makes an initial advance to the community scheme, equal to 80% of levy arrears at the inception of the agreement.

Every month the community scheme or its managing agent provides Propell with an updated report of arrears. Propell then determines whether it should make a further advance to the community scheme or whether the community scheme is required to make a repayment. If the total arrear balance increased, Propell would advance an amount equal to 80% of the increase. Should the arrear balance have decreased, the community scheme would pay an amount equal to 80% of the decrease back to Propell. Effectively, the Debtor Finance balance is adjusted every month to equal 80% levy arrears owed by owners to the community scheme, as illustrated on the graph.

For more information and FAQ’s about our sectional title solutions like Debtor Finance, please download the Propell Debtor Finance brochure here.

Apply for Debtor Finance for your Sectional Title Scheme or HOA today