Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
Open for new business and with Rent Guarantee Insurance that WILL pay out!
Today I have been speaking with Chris Sheldon, the Managing Director of LettingSupermarket.com, to review the company’s business model during these difficult and worrying times for many.
We stripped out all new letting income for the rest of the year, together with the associated costs. The upshot of this is that the business remains profitable.
As soon as the Covid-19 crisis began to be taken seriously by UK Government, LettingSupermarket.com emailed all landlords and tenants with their advice. This was a bold move, which many in the sector feared to take for fear of stirring up a hornets nest. However, it seems to have paid off, because the number of tenants that have come forward to express their worries about facing problems is just a fraction of the numbers first anticipated, probably due to the package of supportive measures rolled out by Government since the March 11th Budget.
Furthermore, the underwriters of the LettingSupermarket.com Rent Guarantee Insurance have confirmed that they will continue to pay out.
LettingSupermarket.com are very happy to take over the management of properties for landlords who remain concerned about cashflow or have simply ‘had enough’. It is not too late for landlords to transfer the management of their property portfolio’s to LettingSupermarket.com or to purchase Rent Guarantee Insurance. Conditions apply of course.
Chris Sheldon said “LettingSupermarket.com remains open for new business and we are fully resourced to deal with volume.”
LettingSupermarket.com are Members of ARLA and all client money is protected in fully insured client money accounts. Payments to landlords occur within three to five working days of payment receipt.
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