When a Real Estate client purchases new property or assets, one of their major concerns is how they can obtain new credit cards as the company formed to purchase the assets typically come with with no financials.
And Real Estate accounting gets tricky when clients manage multiple facilities and need to track each one separately. Usually, credit is needed right away, and when each unit is or property is in its own LLC, there aren’t financials available to qualify for a credit card dedicated to that facility, building, asset or unit, thus making property owners and principals open new personal cards for each property which can get very messy and significantly impact one’s personal credit (yikes!)
Additionally, the legacy credit cards have been unable to pivot to the current way of doing business and their rigid underwriting and financial processes leave many asset and capital management companies frustrated without the necessary resources and options to help them operate in a new business environment that requires increased flexibility. This is where PEYD & Rewards+ come in!
There are a number of cutting edge fin-tech players on the market that have adapted to the new business environment offering customized credit and AP solutions with adaptable underwriting processes. And they offer virtual credit card options and rigid controls to help asset managers keep track of building expenses and employee spending. We’ve helped many real estate firms set up virtual cards and remove personal liability, track and manage expense sin real-time, with reconciliations in one place .
And for the facility with no financials yet? The right banks can often use a cross-corporate guarantee so you’re not starting from scratch.
Are you in Real Estate? Reach out! We bet we can help you!