Commercial Clients Application Process
What are the requirements to rent your commercial units, buildings or properties?
Business must be legally formed entities.
1. All applicants must present valid government-issued photo identification
2. All proposed occupants 18 years of age or older and emancipated minors must submit a completed rental application
3. All applicants must provide proof of legal and verifiable income:
4. All applicants must have a verifiable bank account, as independently verified at time of application, by third party verification “Rent Butter".
5. All applicants that are applying under their corporation must provide Secretary of State and Statement of Information.
a. 2-3 recent copies of verifiable pay records and/or documentation of any other sources of legal and verifiable income (including but not limited to, alimony, child support, trust accounts, social security, disability, welfare, retirement or investment income, student grants, and/or loans or any other legal, verifiable income). Gross and Net income will be independently verified by “The Closing Docs”. Business revenue or personal revenue may be considered/verified.
b. If you are employed, employment verification will be made either by FAX on the company letterhead or by phone. If you are not employed, your income must be legal and verifiable.
4. Rental references
RENTAL REQUIREMENTS:
The following are the requirements you will have to meet to be considered for a rental:
1. Rental History
a. No negative rental history
Rental references will also be verified
You will need to provide 3 years of accurate landlord references (note: per FACTA Identity Theft regulations, we report false landlord references to credit bureaus and local law authorities).
2. Income
a. The Monthly NET Income Requirement (for the household) is required to be at least 3 times the amount of the rent (after deductions, independently verified by Rent Butter), personal or business revenue.
b. Debt to Income; If tenant has more than 20% debt to income, application will be denied. Current loans for property may be excluded if evidence that the property is rented or a family member can show proof of two months recent mortgage payments.
3. Credit History
a. Credit: This will be determined by your credit history and FICO score (Risk Predictor Score), which are reported by the Credit Bureau
i. Applicants with civil judgments, tax liens, forcible detainers garnishments, HOA assessment liens and water and sewer liens will be declined.
ii. Applicants with landlord debt within the past 7 years will be declined
iii. Applicants with eviction filings or judgments within the past 7 years
iv. Applicants with collections totaling more than $1,500 (excluding student debt or medical debts) will be declined.
v. Applicants with negative utility accounts W/I past six months will be declined.
vi. Applicants with 10% or more delinquent credit within the past 60 days will be declined.
vii. Applicants (or all applicants averaged) FICO score under 550 declined.
viii. Conditional Approval: Applicants with a credit score between 660 and 699, and applicants with no credit history who meet all other rental criteria will be permitted to rent by paying an additional security deposit. Applicants with a FICO between 660 and 699 will be assessed a credit contingency fee as outlined below.
b. Bankruptcy: Applicants with dismissed Chapter 7 or Chapter 13 bankruptcies will be declined.
- i. Conditional Approval: Applicants with discharged Chapter 7 or Chapter 13 bankruptcies within the past 3 years who meet all other rental criteria will be permitted to rent by paying an additional deposit.
c. Applicants with evictions within the past 7 years will be declined.
d. Foreclosures will negatively affect an applicant’s credit.
Commercial Applicants business type/use must be approved in advance.
Signage will not be allowed unless specifically allowed in writing.
APP FEE: $75.00 APPLICATION FEE, PER PERSON THROUGH THE AUTOMATED APPLICATION PROCESSING: NO PERSONAL CHECKS
IS THE APPLICATION FEE REFUNDABLE?
In order to evaluate the various applications it is necessary for Bell Properties to expend time and cost in credit reports, criminal reports, and other administrative cost. Hence, our policy that the application fee is NON-refundable. If your application is approvable, but not the approved one for the property for which you are applying based on the selection process (first completed application) you may consider applying for other available properties that we may have, without payment of an additional application fee. Your application can remain on file for 60 days. It will be your responsibility to visit our website and contact us for a property that you would like to apply with.
All Applicants must sign your application and agree to the background & credit check
If approved, but you back out before signing a lease, this holding fee will be retained by Bell Properties. If your application is approved, all move-in fees (DEPOSIT AND RENT) must be in the form of a cashier’s check or portal payment ONLY; funds are due & payable within 48 hours, at least 4 days prior to move in.
Leases will be executed within 48 hours of approval, regardless of desired move in date.
If prospects fail to sign a lease and complete their lease & pay the move in costs, within 48 hours of approval, prospects will loose their approved status, and forfeit their holding fee.
If approved and non responsive, you will loose your approved status within 48 hours of approval.
If you have any questions or concerns regarding your application, please contact your property manager, or person that showed you the property.
By communicating with Bell Properties, you understand and consent to your calls being recorded.
Parking policies vary at each property. Assistive animals for persons with disabilities are not considered to be pets, but do require advance written approval of management. Management will handle requests for assistive animals consistent with relevant local laws, which may require written verification from a reliable third party of a disability and disability-related need for an assistive animal.
Please ask if you have any questions before submitting the application. E Sign the application where indicated.
Application Process: Applicant completes their background check authorization and submits a complete application.
Complete application consists of:
- Complete application for every resident over 18 yrs.
- Government issued Identification
- Proof of income (Verified Bank Accounts (“The Closing Docs”)
- Background and previous lease verification/authorization
- Applicant paid screening fee (non-refundable)
Once all items are received, the screening will be performed.
WHAT WOULD CAUSE AN AUTOMATIC DECLINE?
If we find evictions, unpaid balances due to landlords, credit score beneath the minimum requirements, insufficient income, unsatisfactory references, some convicted criminal acts; and recent bankruptcies. Unqualified occupants or pets can also be a reason for decline. Providing any false information (landlord reference, paystubs, animal information, prior residence information) will also be grounds for automatic decline.
Per FACTA Identity Theft regulations, we report false landlord references to credit bureaus and local law authorities.
IF MY APPLICATION IS DECLINED, CAN I USE A CO-SIGNOR?
We do not accept co-signors for our properties. The applicant is required to meet the criteria for the property based on their application presented.
WHAT IF THERE ARE MULTIPLE APPLICATIONS ON THE SAME PROPERTY?
We will process all applications and offer the property to the best qualified applicant or business. To be considered all business owners must complete an application and provide all necessary paperwork to complete the process. Incomplete applications will not qualify and will possibly delay the process. In that delay another interested party can complete the process and be offered the property.
If declined, applicant will be notified by phone or email.
If approved, applicant will be notified by phone or email, and provided 48 to complete their lease agreement, and provide certified funds, regardless of lease inception date. If lease is not signed and funds are not received within 48 hours, Bell Properties, Inc. reserves the right to move on to next applicant. Move in funds are to be certified funds only and consist of the following:
Security Deposit: varies
First month Rent varies - (First full month always due, M2 may be prorated)
Lease Administration Fee: $250
Key or pet deposit: varies
Application fees are non-refundable
LIABILITY INSURANCE: All commercial tenants occupying buildings, retail, self contained office space, must carry renters insurance and have proof of insurance, at time of move in. Bell Properties, Inc partners with ePremium and policies can be initiated at https://www.epremiuminsurance.com, any confirmed liability policy is acceptable. Bell Properties and Building owners must be named on tenants policies. All policies must show at least $1.000,000 coverage. Landlords are not responsible for acts of theft or natural disaster and your GL insurance will help protect you and your belongings. If your Insurance lapses, tenants will be billed $100 per month (or any portion of a full month) until it's reinstated.
Utilities: Some buildings may have additional charges for Common Area Maintenance (CAM) or may charge for included utilities. If you are responsible for utilities, we'll need confirmation that you've activated them, at least 4 business days prior to being provided possession.
BELL Properties does not discriminate on the basis of race, color, religion, national origin, sex, handicap/disability, familial status, marital status, age, ancestry, sexual orientation, medical condition, gender, gender identity, gender expression, genetic information, source of income, citizenship, immigration status, primary language spoke, any arbitrary characteristic, perception, association, or any other basis protected by Federal, California or local law.
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