Issuing guarantees on corporate leases of residential apartments is just a further broadening of the Insurent Program serving the interests of owners, brokers, and renters in the residential market.
New York, NY (PRWEB) February 16, 2012
Insurent announces its ability to guarantee corporate residential leases. This new Insurent option is very useful for U.S. and foreign companies with a desire to have a corporate residential apartment. Insurent helps the corporation get the desired apartment as well as takes all the risk away from owners. Historically, many owners have been unwilling to accept corporate leases for a variety of reasons, but now owners are willing to entertain corporate leases if the Insurent Lease Guaranty Program guarantees them.
There are many reasons why a corporation would prefer/need a corporate lease of a residential apartment, condo or townhouse. For example, if a company is contemplating a large lease of $7,000 to $30,000 per month, the employee may not actually qualify, given the size of the lease. Insurent is starting to do corporate leases for a number of public and private U.S. corporations as well as U.S. subsidiaries of foreign private and public corporations and foreign corporations.
Charles Schoenau, the founder and COO of Insurent, comments, “From the residential owner’s perspective, the ability to close a very expensive lease with a corporation can be a great option because it clearly increases the owner’s cash flow and without any risk if Insurent guarantees it. With very large leases, owners know that it is difficult to find qualified renters. In many cases, corporations clearly have the easier capability of assuming a large rent obligation.”
Jeffrey Geller, the founder and COO of Insurent, adds, “Issuing guarantees on corporate leases of residential apartments is just a further broadening of the Insurent Program serving the interests of owners, brokers, and renters in the residential market." Other segments that Insurent assists include (i) creditworthy responsible college and professional graduates entering the workforce who don’t meet the NYC landlords’ 40x-50x annual income/monthly rent multiple, (ii) foreign executives relocating to the U.S. who have no U.S. credit history, (iii) relocating U.S. executives, (iv) self-employed persons, (v) non-employed foreign and US renters with significant cash liquid assets, and (vi) international and U.S. students with Responsible Parties. I also expect that we will continue to create additional innovative options for all in the residential rental market in the near future.”
The Insurent Lease Guaranty Program was created to serve renters, landlords, condo/coop owners, and brokers and relocation specialists by offering the first institutional guarantor of residential leases. The Insurent Lease Guaranty Program has been featured in the New York Times, The Real Deal, The New York Real Estate Journal, Real Estate Weekly and Multi-Housing News.
The Insurent Lease Guaranty Program is underwritten and issued by Argonaut Insurance Company, a property and casualty insurance company rated A (Excellent) by A. M. Best. Instead of looking for an individual guarantor or co-signer, or having to pay a significantly larger security deposit or prepaid rent, a renter may utilize the Insurent Lease Guaranty to satisfy the landlord’s financial and credit requirements.