Similar to an overdraft, just draw funds down when required against your future rental income. Your cash flow, when you need it.
Get paid your rent on the day you need it. No waiting for tenants or property manager to pay.
Commercial, Get 75% of rent in advance, up to 3 years.
Residential, Get 85% for up to 2 years”.
Let PropPay collect your tenants rent, credit card, BP and other Payment Methods.
Rent in advance in your account. No worries, no stress.
PropPay can tailor a solution for your individual requirements.
Your asset, your income.
Cash when you need it, for whatever you want.
Simple solution: No bank, no extra debt. Quick and flexible.
Your property. You are still the landlord, with all the rights & obligations.
PropPay distributes rent as per agreed structure.
The owner needs to perform capital works to ensure a renewed lease but doesn’t want to mortgage the property to a traditional lender. Learn how PropPay’s solution makes that happen.
The total difference is equal to 0.61%* of the estimated rent over the term of the five-year lease with the tenant, or just 1.53 weeks rent.
Discover how Propay’s solution enables our clients to fund a fitout, rent free period and have cashflow from day 1.
Learn how Propay can help unlock value in a commercial property to fund commercial fitout and increase property valuations.
PropPay works by entering into an agreement with you, under which PropPay becomes a concurrent tenant, alongside your existing property tenant. This type of agreement is commonly known as a “concurrent lease”. We call it your “PropPay Lease”.
Under a PropPay Lease, your existing tenant remains in the property and continues to pay rent under their lease. Instead of waiting for that rent to come in periodically, PropPay advances you a lump sum representing rental payments in advance. We may also pay you an amount monthly and on completion of your PropPay Lease.
Importantly, you retain all your other rights and responsibilities under your residential tenancy agreement.
In exchange for paying, you the lump sum of rent in advance, PropPay is entitled to the rent paid by the tenant, which is collected by PropPay or your managing agent then as agreed the rent is distributed to PropPay and the Landlord.
In assessing an application with PropPay, we may use other metrics to consider whether you are eligible. We are always happy to discuss these with you in the application process.
We like to keep things simple. So, there are generally only 2 types of fees which we will charge you. They are:
(a) a one-off lease application fee of generally 2% of the funding required or a minimum fee of $350.00; and
(b) a monthly service fee of 0.825% per month of the full amount rent paid in advance.
Our fees are only payable once your application is approved, and you receive your rent in advance.
By entering into an agreement with us, you don’t lose control of your property, or management of the lease with your tenant. This means that your property will continue to be managed, under your direction, by your managing agent. You remain responsible for the appointment of your managing agent and for paying their fees and commissions. PropPay will only become involved in the management of your property if:
(a) your tenant consistently fails to pay their rent to us, and/or
(b) your appointed property manager fails to rectify the situation within a reasonable period of time.
(c) Or if you enter into another form of agreement with PropPay.
Even in these situations, we will only become involved in rent collection and tenant related issues. All other matters relating to the management of your property reside with you or your appointed agent. In normal circumstances, PropPay cannot terminate the appointment of your manager or agent or seek to appoint a new manager or agent.
Our objective is to keep things simple. It’s your property, after all.
When you enter into a PropPay Lease, you will still be:
(a) the landlord of your own property.
(b) responsible as a property owner, including for things like maintaining the property in a fit state to be rented, maintaining comprehensive landlord insurance, undertaking necessary repairs and maintenance, and paying property taxes, and council and water rates.
(c) fully responsible for any debts associated with the property if you have mortgaged or otherwise used your property as collateral for a loan. Nothing under a PropPay Lease reduces or affects your obligations to your bank or other lender as mortgagee.
If this happens, your property manager will need to find another tenant as quickly as possible, normally within 30 days. If no tenant is found, PropPay has the right to give instructions to your property manager on your behalf, or to appoint a new property manager.
Once a new tenant is found, you will enter into a new lease agreement with the new tenant but your PropPay Lease with us will continue. We will collect the rent from the new tenant under the new residential tenancy agreement and will continue to make payments to you under your PropPay Lease.
Please seek your own financial, legal or taxation advice for your own personal circumstances.
As the landlord you are responsible to ensure that your tenant pays their rent on time. You can outsource rent collection to a Property Manager or PropPay if you wish. Regardless of whether your tenant pays their rent, all your obligations to PropPay remain including your obligation to pay our fees and charges, and to repay any rent paid in advance or on time.
PropPay’s monthly fees accrue even if rent is not collected from your tenant.
Please read your PropPay lease carefully and in full to understand your obligations as the property owner and landlord.
Under your PropPay lease you will issue a Notice of Attornment to either your tenant or Property manager instructing them to pay/distribute your rent directly to PropPay.
Your PropPay lease will clearly set out how the monthly rent will be distributed between the parties.
The notice of Attornment terminates at the expiry of your PropPay lease.
You must read your PropPay lease carefully and in full to understand all your rights and obligations. You should also discuss with your accountant, lawyer and/or financial advisor whether our services and products are right for you.
