Commercial Rental Guarantee

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1 Commercial Rental Guarantee

2 Commercial Rental Guarantee More Protection for the Landlord. Instead of the limitations of the cash on hand of the tenant, an appropriate Security Guarantee Amount can be determined based on the lease requirements instead of the standard "2 times the monthly rent." A multi year escalation basis can be used The risk of capital expenditure by the landlord as preparation for the tenancy can be mitigated Utility utilisation of the tenant

3 Advantages Tenant is left with stronger cash on hand to operate his business. The Security Guarantee is off balance sheet and does not negatively impact on the credit facilities or credit availability at commercial banks. The cost is cheaper than credit The cost is a tax deductible expense. For example, a factory is let for 5 years consisting of 2000sm at R40/sm and an annual escalation of 8%. The tenant plans to operate a food processing plant and required the landlord to assist in the capital expenditure of deep cleaning as preparation. The Landlord is left with the risk of the very specific capital expenditure of R100,000 as the expenditure is amortised over the lease period. What if the tenant business operation fails after one year? One option is to increase the security deposit, but in doing so, the request of the tenant to assist in 25% of the capital expenditure for a lucrative lease is nullified. The expected utility bill will be substantial. With the Commercial Rental Guarantee a proper affordable solution to both the landlord and tenant can be found.

4 Guarantee amount One possible solution to determine the Guarantee amount is to base the guarantee amount on 2 times the monthly rent at the end of the lease period plus additional 50% of the landlord s capital exposure R80,000/m * 2 * escalations of 8% per year = R235,000 + R50,000 = R285,000. This is 3.46 times the initial monthly rent and under normal circumstances unacceptable to a tenant. However subject to the type of Guarantee and the financials of the tenant it can cost the tenant R22,800 per year for the Guarantee. The funding cost of the Guarantee is less that the cost of capital offered by commercial banks and far less than the internal rate of return of the business. The advantage for the landlord is that he has a Guarantee spanning the full lease period + one month with a value that is already sufficient as per the last year rent payable. By making the landlord protection more affordable for the tenant, a correct and appropriate solution can be engineered as a perfect fit for each lease circumstances.

5 We offer two types of Commercial Rental Guarantees a) Conditional b) On Demand

6 The Commercial Rental Guarantee (Conditional) The specific conditions of the guarantee are: 1) That the landlord must provide undisputed evidential proof of the outstanding rent not yet paid by the tenant at the end or termination of the lease 2) That the Guarantor can elect to pay or repair material damaged caused by the tenant to the structure of the premises. Such damage must be attributed to the tenant and will exclude lack of maintenance and general wear and tear. It will also exclude damage that is covered by the landlords Material damage short term insurance policy; 3) That the landlord must provide undisputed evidential proof of the outstanding utility bills that the landlord becomes responsible for due to the unpaid bills by the tenant

7 The Commercial Rental Guarantee (On Demand) The Guarantee states that the Guarantee amount is at the disposal of the landlord for any amount that the tenant may owe to the landlord that arise out of any failure by the tenant to fulfil the terms and conditions of the lease agreement as well as the insolvency or liquidation of the tenant. The Guarantor will pay the amount as per the first written demand where such written demand will be accompanied by a copy of a first written demand issued by the landlord to the tenant advising him about the breach of the lease agreement and failing to remedy the breach within 7 calendar days intends to call upon the Guarantor to make payment to remedy the breach.

8 Comparisons of the 2 types Although both the Conditional and On-Demand guarantees have the same net outcome, the first protects against the failure of the landlord to maintain the premises and will not be able to claim for it. As a result it carries a cheaper rate. In respect of maintenance, although the On-Demand Guarantee will pay out, the Guarantor will demand and recover the cost from the tenant who in turn will recover it from the landlord. It can be a costly affair between the landlord and the tenant. The onus to prove that it is maintenance related shifts from the landlord to the tenant and it will be advisable for the tenant to keep good records of any maintenance related issues and communications in this regard with the landlord or his agent. We will however require the tenant to sign a different set of documents and tenant s guarantee with an on-demand Guarantee

9 Documentation Required and Procedure Step 1 An information sheet containing details of the premises, the rental agent, owner/landlord, lease and deposit required (structure of deposit) to be completed by the applicant that is the tenant or on behalf of the tenant by the Rental agent. The information sheet must be accompanied by Letterhead of the company (Tenant) Last financial statements (Balance sheet and income statement). New venture must provide the business plan with financial plan. Last 3 months management accounts Questionnaire in respect of each shareholder / owner / director of the tenant Organogram of the company The rental agent or owner must provide us with the last 5 years tenancy record of the premises if it is not a new premises Step 2 An application form containing all the relevant information together with an invoice and tenant s guarantee will be provided to the tenant for signature and payment. Step 3 The Guarantee will be delivered once payment is received together with the signed documents herein above.

10 All the guarantees are underwritten by Guardrisk Insurance Company Ltd. Guardrisk has a global claims paying ability rating of AA, meaning that your security is as secured as cash in the bank. SA Guarantee Specialists (Pty) Ltd is an underwriting manager for Guardrisk. Guarantee Exchange (Pty) Ltd (GEXsa) is an authorised financial service provider, FSP Number 44820, and we will assist you with all the advice and intermediary services. You can contact us at

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