Loan service provider appointed for Project Remediate
The Government has appointed a loan service provider to coordinate the capital drawdowns and repayments for approximately 215 buildings expected to join Project Remediate by 31 March 2022.
The NSW Government will offer interest-free loans to help owners corporations with the cost of rectifying flammable cladding. Lannock Strata Finance will provide the drawdown services for these loans over the next three years.
Lannock Strata Finance was the successful tenderer from a field of specialist finance companies with established expertise in the strata lending market. Lannock is recognised as having the appropriate industry capabilities to provide the loan services for Project Remediate.
Project Remediate Project Director, Tanya O’Brien said: “A key element of this program is the ten-year, interest-free loan to help fund the cost of the remediation work. The program also offers a hardship support framework for those owners who may need help.
“Lannock will provide the customer service interface for these loans and ensure that owners corporations receive the highest possible standard of customer service.”
Lannock CEO Paul Morton said the company looks forward to working with government to support apartment owners to access the funds they need to undertake this important remediation work.
“Lannock will provide a dedicated team to work with strata managers and owners corporations to navigate the loan process, making it as simple, seamless and as stress-free as possible.”
Tenders are currently being called for a capital provider for Project Remediate.
Learn more about Project Remediate including how to register your interest.