About Association Financial Services

Florida Association Journal

COMMUNITY ASSOCIATION COLLECTIONS: EVERYTHING YOU WANTED TO KNOW...

Article by AFS' Mitch Drimmer

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Condo Craze

AN HOUR WITH AFS ON CONDO CRAZE AND HOA's

Listen to Alex Moskovitz, Mitch Drimmer and Attorney Jeff Oshinsky talk about how SB319 and HB680 was defeated in the Capitol. Listen and learn more about what Safe Harbor Provisions For Banks Are Really About.

(Listen to Interview)


Community Newspapers

"COMMUNITY ASSOCIATION BEAT" COLUMN BY AFS' MITCH DRIMMER

Read "Community Association Beat," the syndicated newspaper column written by AFS's own Mitch Drimmer appearing in community newspapers all over the Miami area.

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Florida Association Journal

WHY AND HOW TO PURSUE ASSOCIATION WRITE-OFFS

Article by AFS' Mitchell Drimmer, CAM

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examiner

COMMUNITY ASSOCIATIONS CAN RECOVER FORECLOSURE WRITE-OFFS

“Can an association get back any of the money it is owed after a bank forecloses? The answer is yes...

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common ground

HOW SHOULD ASSOCIATIONS HANDLE BAD DEBT?

Ken Arnold has the answers in the current issue of Common Ground.

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CAI

TO FORECLOSE OR NOT TO FORECLOSE?

How is this even a question? By Ken Arnold and Jeff Oshinsky

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south florida business journal

ALEX MOSKOVITZ NAMED AMONG 40 UNDER 40 BY S. FLA. BUSINESS JOURNAL!

AFS CFO/Senior Managing Director Alex Moskovitz named among the region’s best and brightest professionals under 40 years old for their professional success and community involvement

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herald tribune

FORECLOSURE FEES HAUNT HOMEOWNER ASOCIATIONS

Ken Arnold quoted in Sarasota Herald-Tribune

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Florida Association Journal

AFS ON BAD DEBT

"The most important thing to remember is that a community association is just like any other business and should move aggressively to collect debt and should limit its bad debt to only the amounts that are truly not collectable, which is a lot less than most people think," said Ken Arnold, CEO of Association Financial Services, in his article entitled "The Real Cost of Bad Debt" that appeared in the November 2010 issue of Florida Community Association Journal.

(Read Article)


News Press

AFTER THE CRAZE: CONDO CONVERSIONS LEAVE FRACTURED COMMUNITIES

"If an association already has a number of people who have purchased and are members, and for whatever reason are actually living there, they own it. It'd be hard to get all the votes to return it to 100% rental," said Ken Arnold, CEO of Miami-based Association Financial Services, which provides financial advice and assistance to distressed condominium projects.


Florida Association Journal

TURBULENT INCOME AND PROPERTY VALUES: DIFFERENT STROKES TO STAY AFLOAT

“Communication is key in every aspect, with both good-paying and bad-paying owners. If you communicate not only the amount but the details of the delinquency, they know they can discuss it if there is a problem. You’d be surprised how much can be resolved before you put down the ultimate hammer,” says Ken Arnold, CEO of Association Financial Services.


south florida business journal

HOAs SCRAMBLE TO TAKE ADVANTAGE OF NEW FEE COLLECTION LAW

Miami-based Association Financial Services has noted interest about the new law [Senate Bill 1196] from the homeowner associations it works for, CEO Ken Arnold said. “We’ve seen a lot of questions about the association’s ability to collect rent,” he said. “[The law] is definitely going to help.”


florida trend

CREDIT LIFELINE

Some 20% of Florida’s population lives in communities with associations, and Kenneth Arnold says Association Financial can be a lifeline to the associations, which find bank loans almost impossible to get right now. “As a non-profit, you have to maintain very lean operations, and they’re not necessarily equipped to manage in downturns like this,” he says. “Sometimes, you need money to be able to right the ship.”


palm beach post

FINANCING FIRM OFFERS OPTION FOR STRUGGLING HOMEOWNERS ASSOCIATIONS

“They’re really filling a void, big-time,” Schultz says. “It gives the association a hell of a lot of breathing room.” … Kenneth Arnold runs Association Financial Services, and he started the company two years ago.


south florida business journal

CONDO ASSOCIATIONS GO WITH THE GUARANTEED MONTHLY CASH FLOW

"They (Association Financial) were a godsend for us," said Joseph Bayne, treasurer of the Captiva Lakes Condo Association. "We have been a client since February 2007, shortly after our new condo board was chosen."

 



RECEIVERSHIPS NEW OPTION FOR CONDO ASSOCIATIONS

After a receivership is set up for a particular association, "any unit that goes into foreclosure that has a renter in it is automatically included under the umbrella...on behalf of the association," said Ken Arnold…


herald tribune

CONDO BOARDS INNOVATE TO GET NEEDED MONEY

“Association Financial…is able to reduce delinquencies by collecting on past assessments more efficiently than the associations themselves.”


wealth wisdom

Ken Arnold & Alex Moskovitz on PBS's Wealth & Wisdom Television Show


Miami Today

CONDO ASSOCIATIONS IMPERILED AFTER LEGISLATURE DENIES AID

Other services include offering interest-free accounts-receivable lines of credit to advance money to associations to cover their delinquencies. “We are the only ones in the entire state offering that, “ Mr. Arnold said.


associated press

CONDO BOARDS INNOVATE TO GET NEEDED MONEY

Company gives associations cash, and then collects the dues. Cash-strapped associations took out loans, raised fees, curtailed services or even fired management companies as past-due assessments piled up...


international business times

‘Association Financial takes over associations' accounts receivables, billing members for their regular payments and attempting to collect past-due payments.’

florida trend

CONDO ASSOCIATIONS CAUGHT IN THE SQUEEZE

“After engaging Association Financial in Spring 2007, the association was able to balance its books and obtain a bank loan to pay for repairs to buildings damaged by Hurricane Wilma in 2005.”


Naples News

‘The two-year-old company (Association Financial) is working with more than 40 associations in Florida, and has received interest from Kansas City, California and Canada. A national group of homeowner associations says it's a novel idea, and the company is seeking a patent on the concept.’

miami herald

SOME BUSINESSES TURN HOUSING BUST INTO BOON

‘Some companies, like Association Financial Services, were well-positioned to take advantage of the mortgage meltdown when it arrived… Opened in 2006, the company is seeing its business assisting condo associations collect fees from unit owners rise at a quick pace.’


the real deal

DEBT COLLECTION AGENCY TARGETS HOMEOWNERS ASSOCIATIONS

(June 2010)
Some 20% of Florida’s population lives in communities with associations, and Kenneth Arnold says Association Financial can be a lifeline to the associations, which find bank loans almost impossible to get right now. “As a non-profit, you have to maintain very lean operations, and they’re not necessarily equipped to manage in downturns like this,” he says. “Sometimes, you need money to be able to right the ship.”


palm beach post

COMPANY MAKES MONEY COLLECTING WHAT HOMEOWNERS ASSOCIATIONS CAN'T

Homeowners associations plagued by deadbeat owners face little choice but to cut services or raise fees to cover people who aren't paying...


real time

FINANCING FIRM OFFERS OPTION FOR STRUGGLING HOMEOWNERS ASSOCIATIONS

An upstart firm based in Hallandale Beach offers associations a new option...“It gives the association a hell of a lot of breathing room.”...


associated press

BEFORE BUYING INTO A MULTIFAMILY RESIDENCE, RESEARCH THE INS AND OUTS OF THE HOMEOWNERS ASSOCIATION

‘says Kenneth Arnold, CEO of Association Financial Services… “If the HOA is not receiving 100 percent of its assessments on time, is the budget artificially increased so that the good-paying owners are compensating for the shortfall, or are services being cut to make up the difference?”


associated press


ASSOCIATIONS GRAPPLE WITH ECONOMIC DOWNTURN

"We inject a shot in the arm so associations are able to pay for the services they must provide," said Alex Moskovitz, chief financial officer for Association Financial Services.


usa today

SKIPPED DUES CRUNCH HOME ASSOCIATONS

‘Collecting monthly dues has become so problematic that at least one company is trying to capitalize by offering to take over the job. The company, Association Financial Services, based in Florida’


daily business review

JUDGE TAPS RECEIVER TO COLLECT RENTS ON UNITS IN FORECLOSURE

“That’s the brilliance and the beauty of this [approach;] it is really, really revolutionary,” said Mitchell Drimmer, whose company, Miami’s Association Financial, handles collections for The Oaks. Drimmer helped the board petition for the receiver.


CAI

When Normal is Best: How an Accounts Receivable Servicing Firm Can Help Your Community

There’s no doubt that these are tough financial times for condominium and homeowners associations...


Forbes

ASSOCIATIONS LOOK TO CASH ADVANCE FOR HELP

‘Captiva Lakes Villas took another, more innovative route. It teamed with Miami-based Association Financial Services, which, backed by private investors, gives associations a cash advance to cover its shortfall and use for maintenance, landscaping, repairs and other Responsibilities.’


sun sentinel


BAD BOOKKEEPING HABITS COST COMMUNITY ASSOCIATIONS

Then the association hired a company called Association Financial Services, which provides a range of financial services – from accounts receivables servicing and collections to cash advances…"Now we have a 90 percent assessment collection rate," Agnello said. "Now we're doing a lot better.".


Yahoo finance


"We had no money to pay our expenses because a lot of people had bought condominiums to flip them," …. "They were just taking money from the rentals and not paying their dues. It was a disaster.… Association Financial was a godsend for us”

ino.com


“Arnold (President of Association Financial) said that the agreement is solely between the company and the association, and claims about 20 attorneys with various associations have reviewed their contracts, with no red flags.”

cnbc msnbc


"The owners understand it's not the property manager walking down the halls and nudge up to and say, `I'm going to be a little late this month,'" Arnold said.…Rathbun (spokesman for Community Association Institute) calling the overall idea "novel and unique," …"Obviously this company (Association Financial) has stepped in to fill a void. “

bbb Community Association Service Provider Member of Community Association Institute Florida Communities of Excellence Awards Gold Sponsorship Florida Fair Debt Collection Practices Act aca international Business Professional Regulation