Company bails out condo associations

A Tampa-based company, LM Funding LLC, purchases delinquent receivables from condo associations. In this volatile real estate market, hundreds of condominium boards across Florida face budget shortfalls and are struggling to pay their bills. They typically have few options other than hiring an attorney and pursuing foreclosure. LM's business plan is unique. It's sort of a bailout for associations on the brink of financial disaster. Associations are eligible for up to 80 percent of the past-due assessments upfront, depending on the severity of the shortfall. All they have to do is give up the rights to collect fees on the account, said Frank Silcox, founder and CEO. That's how the company makes its money. It has an attorney who goes after the owners, which in some cases are lenders.

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