2019 was a year of growth and change for not just TheGuarantors, but the entire real estate industry.
We closed our Series B funding
In February we announced the successful completion of our $15 million Series B funding, which brought our total funding amount to $27M. This major milestone came with big goals for the team including a focus on national expansion. Today, we’re live in 44 states and our program is accepted by major landlords including Bozzuto, Equity, Rockrose and Tishman Speyer.
"Given our strong success in New York City, one of our goals following this funding round was to help landlords in competitive real estate markets like Boston, DC, Chicago, LA, and San Fransisco increase NOI and reduce all tenant risks. We’re thrilled with the response on a national level, and look forward to providing fintech solutions to each unique market. " - Julien Bonneville, CEO & Founder
We announced a new product, Securiti
In conjunction with our Series B announcement, we introduced Securiti, the smart commercial deposit.
Securiti replaces the need for a traditional cash or letter of credit security deposit for commercial leases. Designed to function like a letter of credit, Securiti provides landlords with the same level of protection while tremendously lowering upfront costs for tenants. For a small annual fee of 2-10% of the security deposit amount we provide tenants with the opportunity to free up capital that would otherwise be tied up for the length of their lease while having no impact on their balance sheet.
Landlord losses are fully covered, brokers have more flexibility in lease negotiations and tenants are able to reinvest more money into their business today.
"We're leveraging our expertise in both real estate and risk to provide a far more efficient solution than traditional cash deposits, or cash collateralized deposits, like letters of credit. Securiti will allow brokers to better facilitate deals and help businesses unlock liquidity all while keeping landlords protected." - Hans Nordby, Chief Strategy Officer
We rebranded and enhanced program offering, Guaranti
Our new identity supports our mission of fueling opportunity across the many verticals of real estate. Designed for multifamily assets, Guaranti is a program of products and solutions built to optimize protection throughout the full renter lifecycle. We understand that no two owners and no two renters are the same, so we developed our Dynamic Lease Guarantee to meet everyone’s needs. Landlords can calibrate their protection level from 3 months to a full lease term, while continuing to lower renter move-in costs by offering a security deposit add-on.
“As we continue to grow as a company, it’s important our brand and products evolve with us too. Guaranti allows us to better serve our partners and clients by offering customized solutions to better fit landlord and renter needs.” - Bob Schmidt, Co-Founder & Managing Director
We served as a resource to our partners that were affected by recent changes in the rent laws in New York and California
Previously, landlords in New York relied on extra security deposits and prepaid rent to hedge their risk against renter default. However, prepayment and extra deposits (over and above one month’s rent) are no longer legal under the new regulations. To complicate things further, extended eviction timelines have increased the risk and worsened the downside of a lease default. With more risk and fewer options to manage potential threats, owners, operators, and leasing managers have quickly shifted their thinking on leasing operations. We have been a trusted partner and resource in a time of change, a role which we proudly hold for all of our landlord customers.
“We’ve talked to TheGuarantors about the recent reforms, and we’re not seeing anyone else responding creatively to changes in rent laws. It’s something we’re not getting anywhere else.” - Robert Beacham, 20 Exchange
We were a sponsor at NMHC OPTECH
TheGuarantors team spent a jam packed few days at NMHC OPTECH. Our corporate and sales teams had the opportunity to network, attend breakout sessions, and learn about the latest in the multifamily industry. Our happy hour provided a way to unpack after a busy few days and network in a relaxed atmosphere.
“I’m thrilled we were able to bring such a large team to NMHC OPTECH this year. Owners and operators are learning that with solutions like TheGuarantors, it’s an option to decrease vacancy while increasing protection. In 2020, I think we’ll see them become increasingly comfortable with new solutions to ongoing obstacles.” - Aaron Victorson
We won awards
We won first place in the Information & Intelligence: Finance category at the Sixth Annual Real Estate Tech Awards (#RETAS), presented by CREtech (cretech.com), the largest event, data and content platform in the commercial real estate tech industry. The awards recognize the most cutting-edge companies who have played an integral role in advancing tech in the industry throughout the year. We also announced our selection as an InsurTech 100 company for 2019 (by FinTech Global, a specialist research firm), which honors the most innovative InsurTech companies around the world. It has been a pivotal year for TheGuarantors, and this award is a testament to the company’s successful innovation and growth.
We aim to be the most trusted brand for insurance products in the real estate industry, and are proud to be recognized for our commitment to our industry partners and customers.
We celebrated our accomplishments
TheGuarantors annual holiday party was jam packed with activities including a brewery tour and some competitive games of shuffleboard. Check out some of our favorite pictures below
In 2020 we’ll continue to provide tools, products and solutions that can change with the market. We look forward to building our partnerships across the insurance, finance, and real estate industries to expand and scale the ways in which we can serve our customers.