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Hi Jimmy,
Thank you for your reply – I wholeheartedly agree!
I was simply testing my own thinking and curious as to what anyone else may have experienced or insights they might share. Especially if, like us, they have a majority of investor owners who are rarely seen or heard.
We have certainly experienced the pain of raising special levies in the past – and further experienced the need to seek an explanation from our SM on ‘where did the money go’ when we discovered certain invoices had not been paid.
My view is that any kind of ‘hybrid’ approach (loan/upfront payment) is not feasible. At best it will be complex to manage financially and at worst it wont matter if you are an owner who has paid up front – the OC (for which every owner is a part of) will still be liable to cover the loan should another owner(s) default at least until such time as money owed can be recovered.
Based on experience to date, I have every confidence our EC are aware of the need to carry out repairs and doing their utmost to investigate all options so the OC can be well informed on the ‘why’. Obtaining an updated OC contact list from the SM is another story.
The good news is preliminary works (these costs are covered) have commenced however,we will need to lock in a decision on the source of the full funding in order to proceed with further rectification works.
Hopefully we will resolve this in short order.
Thank you again.