Vasco tackles the problem of financing condominium works

After the individual, the collective!

In fact, more than 35% of co-owners would have an energy performance diagnosis (DPE) of class F or G and would therefore be gradually prohibited from renting from January 1, 2025 for G and January 1, 2028 for F.

Faced with these findings, Vasco has decided to adapt its innovative energy renovation financing solution to the specificities of co-ownership. In one year, Vasco has supported more than 500 large-scale renovation projects in individual homes by offering households the chance to finance 100% of their work in exchange for a share of their property. Vasco offers the complete opposite of a bank: no income, age or debt criteria, no monthly payments and reimbursement of the work on the day the property is sold.

In co-ownership, the principle is exactly the same but it is aimed at co-owners who do not have the means to adhere to the energy renovation project of their building. Once these works have been voted on by the majority against their will, if they do not have the means to honor the call for funds from their trustee, they generally have no other choice but to sell their apartment. If they do not do so, the trustee could demand the forced sale of the property to recover its debt!

Martine's example in La Rochelle

Martine, who has owned her apartment in La Rochelle since 2015, saw her co-ownership vote for the energy renovation work on her building. She thought it was great but unfortunately couldn't pay her share of the work, which amounted to 25.000 euros. She didn't have enough savings to finance it and her small pension didn't allow her to join the collective eco-PTZ negotiated at the level of her building.

She was at risk of having to leave her apartment until the company in charge of the renovation introduced her to Vasco, who offered to finance her share without any deposit or monthly payment. She will repay Vasco when she sells her property, or before if she wishes, and will also be able to benefit from significant savings on her expenses thanks to this insulation, roofing and VMC work, which will take her apartment from an EPC F to a C.

“The State, local authorities and banks provide us with a wide range of financing options for the energy renovation of co-ownerships. However, we are encountering more and more co-owners who are struggling to pay their share of the work. Vasco helps us to unblock these often deadlocked situations.” says Matthieu Billaudé, Managing Director of Urbanis Solutions Rénovation, project management assistant in the renovation of co-ownerships working throughout France since 2017.