Lease Guaranty could make the difference!
Is lack of rental history giving you a headache when trying to find a commercial or residential property to rent?
Are you just starting out in business or has your home-based business expanded so you need a storefront, warehouse, or office space? If you have no rental history to prove your credibility you could have a tough time securing the rental property you need.
Are you moving from home for the first time and have no rental history and no references to give a potential landlord? You could have difficulties securing that first rental home or apartment.
Landlords worry when they trust someone without a good rental history no matter what the reason. Often they simply won’t take the chance. After all, they have a huge investment in their rental properties, and there are plenty of other tenants who CAN show a good credit and rental history. Why risk dealing with an unknown quantity?
You feel stuck between a rock and a hard place. How can you prove your reliability until someone first trusts you?
A Lease Guaranty could be the answer. You may be able to move forward with your plans by finding someone else to back you.
When a third party signs a Guaranty of Lease, it is much like co-signing on a loan.
Young people starting out, or people who have had prior financial problems, often need to find a co-signer in order to make a major purchase. It is very common for parents, siblings, or close friends to step in and help an individual make a start toward home ownership or purchasing a vehicle.
The Lease Guaranty works the same way in that it gives the landlord the security of knowing that someone who does have a strong financial statement, credit history, and / or lease history will stand behind their new tenant. The third party guarantee could be the key element that allows you to start a new business or even secure a home for your family. Your guarantor is giving you the opportunity to make a start and prove your own worth in the financial arena.
Your guarantor will be required to submit the same financial information that you did. Your landlord will want to be assured that they are not only willing to stand behind you but that they have the resources to step in and start paying rent if you default.
The risk to your guarantor is similar to the risk when co-signing a loan. If you default, they pay.