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Started By
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Why are small business land lords asking for ALL our financials before rent relief?
Posted on 4/21/20 at 12:51 pm
Posted on 4/21/20 at 12:51 pm
It's insane the amount of information they are requesting just the get one month's rent spread out over 6 months.
Why do they need 2 years of P&L's?
Seems like overreach. We are all in this together.
Why do they need 2 years of P&L's?
Seems like overreach. We are all in this together.
13
Posted on 4/21/20 at 12:52 pm to loogaroo
quote:
We are all in this together.
Based on how some of these major banks are operating I beg to differ
Posted on 4/21/20 at 12:53 pm to loogaroo
Solvency? 
Posted on 4/21/20 at 12:54 pm to loogaroo
They want to be sure you're good for it. Why is that hard to understand?
Posted on 4/21/20 at 12:55 pm to loogaroo
To make sure you have a financial hardship before agreeing to defer your rent.
Posted on 4/21/20 at 12:55 pm to loogaroo
It’s like showing your paystub before moving in.
Posted on 4/21/20 at 12:55 pm to Powerman
quote:
Based on how some of these major banks are operating I beg to differ
It's bullshite! Extorting all my financials...for what?
Posted on 4/21/20 at 12:56 pm to loogaroo
Pay your rent and you won't have to do any paperwork.
Posted on 4/21/20 at 12:58 pm to loogaroo
If we’re all in this together, why not pay your rent so your landlord can better assist other tenants that are suffering.
Posted on 4/21/20 at 12:59 pm to imjustafatkid
quote:
They want to be sure you're good for it. Why is that hard to understand?
10 years of paying rent on time should be good enough.
One month P&L of ZERO should show you need another month or two.
They want proof of PPP app too.
I want to tell them to ask Pelosi.
Posted on 4/21/20 at 1:02 pm to loogaroo
I have close to 20 commercial rentals... Most of them are shut down. I had to eat the rent this month, but pay all my bills too. Asking for 2 years of financials may be a little much, but your landlord may be facing insolvency himself...if this continues
Posted on 4/21/20 at 1:03 pm to loogaroo
You are contractually obligated to pay the rent and asking to not pay it. They can ask for whatever they want.
Posted on 4/21/20 at 1:07 pm to loogaroo
quote:
I want to tell them to ask Pelosi.
Did she prevent you from applying for PPP? I mean she sucks arse but your landlord wanting proof that you are doing everything you can before not paying your rent...
Posted on 4/21/20 at 1:08 pm to mattloc
quote:
Most of them are shut down. I had to eat the rent this month, but pay all my bills too.
I completely understand that, and I'm paying my rent.
We asked for some leeway for a month and they asked to see ALL my financials.
Just wondering why they would need that considering almost everyone is shutdown.
Posted on 4/21/20 at 1:09 pm to loogaroo
quote:
I'm paying my rent.
quote:
We asked for some leeway for a month
Posted on 4/21/20 at 1:10 pm to loogaroo
and you complain about entitled millennials Posted on 4/21/20 at 1:10 pm to loogaroo
I think two years is a little unreasonable myself.. but if he is paying a big mortgage with his rentals, I can somewhat see his point
Posted on 4/21/20 at 1:16 pm to boosiebadazz
So if you can prove you had a job before the governors took it from you you get the deal.
Posted on 4/21/20 at 1:23 pm to LSURussian
quote:
quote:
I'm paying my rent.
quote:
We asked for some leeway for a month
I'm trying to keep a skeleton crew employed and asked for a month's leeway on rent. They asked for all my financials from the last two years. Then they presented a lease addendum that requires tenant to provide all financials every month going forward.
I don't mind providing my monthly gross, but everything?
I just thought it was overreach. And wondering if this was standard.
Posted on 4/21/20 at 1:26 pm to omegaman66
You should see all the financials I had to provide to the bank to get money for my employees for this sorry arse PPP that ran out of money before half of us could submit.
That's why you see large companies getting all the money. They have teams of CPA's that have all this information at their fingertips because they can hire dozens of people to get the job done. While small companies are dealing with quick books.
So boooo hooo for you having to do a little work other than saying, "I got laid off!"
That's why you see large companies getting all the money. They have teams of CPA's that have all this information at their fingertips because they can hire dozens of people to get the job done. While small companies are dealing with quick books.
So boooo hooo for you having to do a little work other than saying, "I got laid off!"
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