landlord Archives • SmallBusinessLoansDepot

Landlord contact information: What is it?

Landlord Contact information is the Name, address and Telephone number of a person or business’s Landlord. It is used to verify personal residence or a business address.
To get a business loan without providing this info, contact us below for other options.

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Examples of Landlord Contact Information:

A business owner applies for a business loan and is approved. One of the closing stipulations may be giving landlord contact Information so the lender can get a landlord waiver. Consider other types of business loans that do not require it.

Did you know?

Customers do not always have this contact information. What to you do if you are a home based business and are being asked for this information? What if you are also the owner of the property and it is paid off?

Let the person requesting this information know you own the property and also if it is paid off. If you are home based, let them know this. Being home based is often acceptable and you will instead be asked for other information to satisfy this requirement.

This information is requested for many reasons. Most often when someone is requesting a product or service, and also entering into a Contract.

What is Landlord Contact Information?

Requests and statements by callers below include:
Why am I being asked for this information and what
should I provide?
Ask why the information is being required and provide if the request is reasonable. Sometimes a Lender will try to call the Landlord as part of a personal loan or business loan request. Ask the Lender if they will call your Landlord. If so, give your Landlord a heads up to expect a verification call.

Learn more about Landlord Contact information.

Recent examples from the Web:

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Landlord Waiver

What is a landlord waiver and why are they sometimes required for business loans?

In many cases the need for a landlord waiver is questioned by the borrower. Why do lenders require these for many popular small business loans such as a loan using bank statements? The lender has made an asset based loan or loan against equipment, such as vending machines or restaurant equipment.

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To get funding without a landlord waiver closing stipulation requirement, apply below.

Lenders require landlord waivers to avoid or minimize losses for businesses with bad credit or slow pay as well as default on previous loans. Many business loans include collateral that is on the premises of the borrower. The landlord waiver allows the lender to enter the property and obtain the collateral in the event of a default. If the lender did not have a signed landlord waiver, they could not enter the place of business of the borrower to take their collateral. Landlord contact information will be ask for if this is required.

Without the landlord waiver

The lender cannot legally enter and repossess collateral. The owner of the property can seek recourse against any lender entering the premises without permission of the landlord. There are some business loans in which a lender asks for a landlord waiver but does not consider it critical for the loan. This requirement is one of the top customer complaints with business loans.

A lender normally considers a landlord waiver absolutely critical if they ask for it and will not fund a transaction without the waiver. Lenders worry that a landlord will refuse to allow them on the business property. If this happens, the lender may not be able to recover their collateral if there is a default.

Why do I need to get a Landlord waiver?

Example: In the vending industry

Lenders that finance multiple vending machines will not fund transactions without all of the required landlord waivers. Lenders that finance vending machines know that if they finance 10 vending machines, those 10 machines may be in 10 different locations throughout a metropolitan area. If the borrower defaults, the lender would have to go to 10 locations to pick up the collateral. They also cannot simply show up at a place of business to pick up collateral. They must also have to have permission from the owner of the property because they will be uninstalling equipment, which is considered making a change to a property. The lessee agrees in the lease not to make a change in the property without the permission of the landlord, so the lessee must contact the landlord.

What is a landlord waiver? Are landlord waivers required for a business loan?

In the event of a default on this asset based loan lenders do not want to contact 10 different landlords. Each landlord would have to agree to an on site repossession. The landlords know if they agree, those business that leases space from them may go out of business.

The landlord does not want the lessee to go out of business. The landlord may want to deny the request.

These are the reasons why lenders will ask for this when a business loan is first closed.

The SBA also offers info on small business and negotiating with landlords.