In our classic plan, the association pays no legal fees or costs and retains any recovered and special assessments. LM Funding pays the safe harbor* amount up front and keeps any collected interest and late fees. This product is ideal for Associations whose governing documents mirror Florida Statutes 718/720.
For associations without interest or late fees in their declaration, we can easily accommodate you with our customized deal. With this plan, LM Funding pays the safe harbor* amount up front and covers all legal fees and costs. Upon collection, any legal expenses and funding amounts are recovered by LM Funding. The remainder of the proceeds is then split with the association. This product is ideal for Associations whose governing documents lack the full powers provided by Florida Statutes 718/720.
When you give LM Funding the right to collect on your debt, we hire Florida attorneys and their skilled staff to collect delinquent accounts on your behalf. We earn compensation by managing the collection process for you and are paid when delinquent accounts are successfully collected. Our four-step process helps you recover more delinquent accounts without all the work.
LM Funding pays all legal fees and costs on behalf of the association and assumes all risks associated with collecting negligent accounts. If we cannot collect the delinquent assessments, the association will keep our initial funding and will not pay any legal fees.
"LM Funding successfully monetized several of our units after Business Law Group foreclosed on them. Their expertise and additional resources were instrumental in making this happen. Now we have the pleasure of making improvements to the community with our new found money."
Robert Lunch
Castle Gardens
Board President
"I joined and became the President of my board to help my community, not to manage attorneys. LM Funding deals with delinquencies and the attorneys so I don't have to. It's nice to know that a team of professionals are managing the entire process and with their technology it is seamless. When I need them, they are only a phone call away. Thanks, LM Funding!"
Everett Alder
Kings Point
Board President
"I did not realize how much we were paying for our attorney because the bills were "deferred." Come to find out, we were paying more in legal fees than we actually collected on many accounts. LM Funding has eliminated legal fees from our budget and provided us with needed cash flow as soon as accounts go delinquent. Being a volunteer board member is still tough, but I can assure you the help from LMF is much appreciated!"
Scott Davis
POD 10
Board President
"Over the past several years when the first contract was signed with LM Funding in reference to the many foreclosed units at Itopia Private Residences, the program was extremely beneficial to our community. The community received income through the program and was able to continue maintaining the property. As time went by, LM Funding came up with another program that was even better for our community give that several of the foreclosed units had been purchased. The community has gained immensely from our partnership with LM Funding."
Rosy C. Badwal
Itopia Private Residences
Board President
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