Article Courtesy of The Tampa
Bay Business Journal
By Mark Holan
Published
August 2, 2013
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 Watch
VIDEO
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Investors
are targeting condominium properties and gaining control of association
boards, says Sean Galaris, president of LM Funding.
The
Tampa-based financial services company provides capital to condo
associations by buying their delinquent assessments and keeping a portion of
the collections.
| Investors
are targeting condominium properties and gaining control of
association boards, says Sean Galaris, president of LM
Funding.
The
Tampa-based financial services company provides capital to
condo associations by buying their delinquent assessments
and keeping a portion of the collections.
Once
in control of the association boards, Galaris says investors
are driving up fees to the point that many long-time
residents can’t afford the payments. That’s causing a
growing number of homeowners to abandon their units and get
foreclosed.
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TBBJ
Staff Writer Mark Holan sits with Sean Galaris, president of LM
Funding, for a One Question, One Minute video.
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This
creates more opportunities for investors to pick up additional units at
pennies on the dollar, lowering values.
“This
is not a today problem, but a tomorrow problem,” Galaris says.
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