Co-Signer Network is one of the core features of our platform. Rentberry allows the community members to back the tenant's security deposit financially and collect interest upon the lease expiration.
What Does the Co-Signing Mean?
Co-Signing is the way of supporting a tenant. Those who participate in the deposit funding campaigns are called 'Co-Signers' and are entitled to get the interest for funding a tenant.
Why Tenants May Need Co-Signers?
Security deposit amount is usually a significunt sum of money. Even if tenant does have enough money to cover rent on a monthly basis, he may not have the whole deposit sum right away.
That's why he can ask Co-Signers to fund his deposit. Upon the lease expiration, he will pay a small interest to his supporters for their help.
How Does It Work?
Step 1. Tenant sends an approval request to the landlord asking to start the fundraising campaign.
Note: Only verified users can start a Co-Signer Network campaign.
Step 2. Upon the landlord's approval, he fills in the campaign details.
Tenants have to provide the following information to start a campaign:
- Lease details (term, rental address, monthly rent price)
- Set the deposit amount, interest rate and move-in and move-out date
- Rental history (optional, it increases your funding chances)
- Video (quick self-presentation)
Step 3. Tenant makes the 10% initial payment plus the interest according to the rate he selected.
Step 4. Rentberry Support verifies the campaign within 24-48 hours.
Step 5. Tenant's fundraising campaign is live. Co-Signers review your campaign and decide whether they're ready to back the deposit.
Step 6. Once the whole deposit amount is collected, all parties are notified and the tenant moves-in to his new place.
Note: If the fundraising campaign fails to meet the amount goal, the tokens will be refunded to the wallets of Co-Signers.
The security deposit is secured by smart-contract technology during the whole lease term. All the payments will be executed automatically upon the lease expiration.
What Actually Happens After the Lease Expiration?
Once the lease agreement is expired, landlords can file damage claims. We ask landlords to do that within 48 hours.
Landlords can provide a brief description of the issue and upload a picture of the damage.
Tenant will pay for the damage from their own BERRY wallet or send the claim for review to Rentberry support if they don't agree with it.
Co-Signers are notified about the lease expiration. They'll see the button 'Receive' on the campaign page where they'll be able to get back their funds along with the profit.