How Body Corporate Funding Helped Marina View Apartments Regain Value and Achieve Compliance

The story of Marina View Apartments in Gisborne is a familiar one for many Body Corporates across New Zealand—what begins as a small maintenance issue can quickly evolve into a multi-year remediation ordeal, filled with financial strain, uncertainty, and owner frustration.

Built in the mid-2000s, Marina View discovered significant weathertightness defects in 2015. As investigations deepened, further structural and fire safety issues were identified. A remediation project was planned and eventually commenced—but like many similar projects, escalating costs, delays, and levy shortfalls became a major threat to completion.



The Hidden Cost of Owner Levy Fatigue


The Committee had already taken the difficult step of raising special levies from owners. But as the project dragged on and construction costs grew, many unit holders had reached the limit of their borrowing capacity. Despite being close to the finish line, the project risked stalling just before the final code compliance sign-off.

This is a scenario that plays out too often: owners committed to the process are suddenly hamstrung by others unable or unwilling to pay their share. In Marina View’s case, this created tension between owners, strained relationships with the builder, and increased costs due to delays. Without additional funding, the Body Corporate faced a real risk of missing the window for a Code Compliance Certificate (CCC)—a key requirement for preserving or realising full property value.



How MOD Finance Helped Unlock a Path Forward


The Committee at Marina View turned to MOD Finance, a specialist in Body Corporate funding, to secure the final stretch of capital needed. By arranging a facility that was backed by a Section 74 High Court order—giving the Body Corporate the legal ability to borrow—MOD Finance enabled the Committee to:


  • Avoid further delays that could have led to legal disputes or cost blowouts;
  • Complete construction works and maintain momentum towards CCC;
  • Protect the property value of every unit, especially those still owned by the Body Corporate;
  • Remove the immediate burden of large levies for unit owners already financially stretched.


This funding was a strategic and stabilising step that brought clarity and certainty to a previously uncertain outcome.



Why This Matters for Other Bodies Corporate


Securing a Code Compliance Certificate isn’t just a bureaucratic box to tick—it can be the difference between full market value and a discounted, impaired asset. In Marina View’s case, the inability to complete the project would have jeopardised sales, refinancing, and even insurance.

Body Corporate loans from MOD Finance aren’t just about plugging financial gaps—they’re about ensuring a project gets done right, protecting all owners' interests, and helping Bodies Corporate move forward confidently, even when the financial terrain is uneven.



Key Takeaways for Committee Members and Owners


  • Delays cost more than money—they create legal risk, builder disputes, and owner tension.
  • Special levies can fail—even committed owners can reach financial limits.
  • MOD Finance provides solutions—designed specifically for Bodies Corporate navigating complex repair, compliance, or remediation projects.
  • Section 74 orders can empower your Committee—with the legal authority to act when consensus isn’t enough.


At MOD Finance, we specialise in helping Bodies Corporate like Marina View complete critical works that protect long-term property value. If you're facing a complex funding challenge, talk to us about how we can help you finish what you've started.

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