MIAMI, FL--(Marketwire - March 17, 2010) - Association Financial Services (AFS), a leading provider of financial services and lending solutions for Florida condominium and homeowner associations, today announced that its client Aventi at Aventura Condominium was selected for recognition at the Florida Communities of Excellence Conference & Awards Ceremony March 23 in Orlando.
The upscale, waterfront community of multi-story townhomes located along the Intercoastal Waterway in Aventura, FL is a finalist in the "Financial Innovation" category in the statewide competition for condo and HOA communities. The "Financial Innovation" category recognizes associations that have established innovative policies and procedures to ease the impact of financial burdens during challenging economic times.
The Florida Communities of Excellence Awards is the only statewide, independently judged program recognizing community associations for best practices and outstanding accomplishments. The awards are sponsored by the Florida Community Association Journal and the law firm of Becker & Poliakoff, P.A.
"We're extremely proud of the nomination of the Aventi at Aventura Condominium by the Communities of Excellence Awards judges," said Ken Arnold, AFS co-founder and CEO. "The judges' selection recognizes the hard work and dedication of the Aventi Board of directors in implementing a disciplined financial management program with the support of financial services provided by AFS."
"AFS shares in this recognition with us," said Ken Cespides, the Aventi at Aventura board president. "Their knowledge and expertise and the processes they instituted have been a key part of our financial turnaround."
Built as a rental community in 2001, Aventi at Aventura became a condominium association in 2004. Seen as a desirable community during South Florida's mid-decade residential real estate boom, Aventi offered buyers 3-story townhomes with two-car garages, and first-class amenities.
But, a rapidly deflating South Florida real estate market plagued by rising mortgage foreclosures took the air out of unit sales, which dropped from 124 townhomes sold during 2005 to just nine in total during all of 2006. As homeowners across Florida and nationwide felt the pinch of the recession and mortgage foreclosure crisis, the increased delinquencies in payments of monthly maintenance fees at Aventi began to undermine the association's operating budget.
In June 2008 Aventi turned to Association Financial Services to help sort out the negative budget impact of the accounts receivables problem. In addition to extending an interest-free cash advance against receivables, AFS implemented a systematic billing and collections process, resulting in a 24% increase in monthly collections in its first year. Aventi's directors were so pleased with accounts receivables improvement, they also invited AFS to help with the accounts payables.
In selecting Aventi at Aventura as a 2010 Florida Communities of Excellence Awards finalist, the Florida Community Association Journal noted, "The association has improved collections by mailing monthly statements, locating missing members, and enforcing late fees and interest charges. Money has been saved by evaluating all vendors and services, reducing water use, and lowering insurance costs by a mitigation inspection."
About Association Financial Services
Association Financial Services, L.C. (AFS), formed in 2006 by principals with extensive financial experience in both public and private, equity and debt markets, specializes in providing specialty lending and financial services to condominium and homeowner associations throughout Florida. The Miami-based company is financed through institutional investors and private entities, and is currently budgeted to provide over $100 million in capital to community associations. AFS's suite of solutions includes: loans to associations with high delinquency rates, capital improvement loans, 40 year recertification loans, interest free loans, FACS - Funding and Collections Services, foreclosure cost deposit funding, other specialty loans, accounts receivable servicing, loan work-outs, loan modification, financial consulting, and more. For more information, visit: www.AssociationFinancial.com or call 305-677-0022.
Contact Information:
Media Contact:
Alan Penchansky
Tel: 305-529-1944
alan@thepengroup.com