FirstService Financial

Creating value one step at a time.

July 2020

The COVID-19 pandemic has affected homeowners everywhere, potentially putting financial stress on association budgets. FirstService Financial, the banking and insurance affiliate of FirstService Residential, has experts to help you as a board member with all your association's financial needs. Is your association getting the best insurance coverage for your money? What about returns on your reserve funds? Do you need assistance funding a capital improvement? Below are some of the communities and buildings that benefited from the service and added value that we continue to deliver during these challenging times.

Lending

$10,000,000

Cooperative in New York refinanced an existing underlying mortgage.

$4,250,000

Condominium in Massachusetts needed capital repairs to the building envelope.

$3,450,000

Cooperative in New York refinanced an existing underlying mortgage.

$2,300,000

Condominium in Minnesota completed a loan modification to reduce the interest rate.

$2,000,000

Cooperative in New Jersey opened a line of credit for capital projects.

$1,757,150

Condominium in Toronto needed financing for a guest suite unit.

$1,000,000

Condominium in Illinois needed building fa├žade repairs as well as lobby and common area upgrades.

$935,000

Condominium in Maryland completed a loan refinance in order to reduce the interest rate and acquired new financing proceeds to replace the promenade.

$900,000

Condominium in Missouri needed parking lot repairs, sidewalk and curb replacement, and landscaping and lighting upgrades.

$350,000

Condominium in Minnesota needed sidewalk repairs and other structural capital projects.

$280,000

Condominium in Nevada financed renovations to the park.

$200,000

Condominium in Florida needed funds for a roofing project.

Cash Management

Atlanta, GA

Assisted this townhome community by reallocating $713,000 to reduce their uninsured funds while also increasing the interest earned by $6,000 per year.

Bethlehem, PA

Reallocated $1,328,280 to help this active adult community earn an additional $1,010 in annual interest income.

Chicago, IL

Reallocated $3,260,047 for this condominium to help the association earn an additional $26,424 in annual interest income.

Houston, TX

Fully insured the portfolio and increased average interest earned by over $18,900 annually (1860% increase!) for this new home community.

Las Vegas, NV

Increased portfolio's average interest earned by over $12,600 (495% increase) annually for this gated condominium community.

New York, NY

Placed refinance proceeds for this high-rise and increased interest income by $23,000 per year.

Newport Coast, CA

Increased homeowner association’s average interest earned on its portfolio by over $11,600 (994% increase) and will assist with managing its CDs.

Oakton, VA

Reallocated $1,000,000 to increase the association's annual interest income by $11,176.

Palisades Park, NJ

Reallocated $418,977 to help the community earn an additional $2,156 in annual interest income.

Scottsdale, AZ

Luxury condo building was able to increase annual interest income $23,000 by having FirstService Financial reallocate $2,000,000 in funds.

Summerville, SC

Reallocated $129,846 to help the community earn an additional $1,883 in interest income.

Sunny Isles, FL

Reallocated $497,000 from CDs into money markets accounts, increasing annual interest earned for this luxury condominium building by $6,300.

Insurance

Bel Air, MD

Assisted this client with obtaining alternative bids. By switching to a partner agent, the association saved $35,000 in annual premium and moved from a non-admitted to an admitted carrier with multiple enhancements including Extended Replacement Cost, a higher Umbrella limit and Workers Compensation coverage.

Belvidere, NJ

This association received multiple competitive renewal options and obtained a premium savings of $5,000 with our assistance.

Chicago, IL

As a new client, this condominium association was impacted by many prior water losses. Upon initial discussions, it appeared that the property would need to be placed in the Excess & Surplus market; however, by leveraging our partner broker, we were able to place with a partner carrier and offer huge savings from original projections.

James Island, SC

Association elected to move coverage to our partner broker via competitive bid which resulted in greatly enhanced coverage and almost 40% in overall premium savings.

Miami, FL

Our partner agent was able to save the association of this high-rise over $120,000 in their Flood Insurance renewal.

Milpitas, CA

Our partner broker quoted and placed coverage that was almost identical to the existing coverage, offering a few higher sub-limits, while saving the association nearly $3,000 per year on premiums.

Nanuet, NY

By moving the insurance to a partner broker, this homeowner association saved over $2,200 while enhancing coverages.

Niles, IL

By going to bid with a partner agent, this condominium community uncovered that they were not currently insured by their incumbent in compliance with the Illinois Condo Act. We were able to educate the board and communicate the needed coverages, and our broker partner presented a Guaranteed Replacement Cost property policy with ancillary lines all in compliance.

Palm Desert, CA

The association received broader coverage, doubled their Umbrella limit, and saved $6,000 per year on premium by renewing with our partner broker.

Voorhees, NJ

Our partner broker marketed the account for renewal and saved the condominium association $35,000 with a 2-year rate lock and enhanced Property coverage with Guaranteed Replacement Cost.

Washington, DC

This housing cooperative moved to our partner broker and saved $13,000 as compared to the renewal pricing offered by the incumbent broker.