Business as a Co-Signer

[William R.]

I have an applicant who requires a cosigner, so they had a parent submitted all of the paperwork for review.  The credit report came back and they did not meet the minimum requirements.  Now they would like to use their business to co-sign for the property.  I have never had that happen, so am not sure how to proceed.  I do have the businesses Federal ID number, but not sure were to go from there, and how to evaluate credit etc. 

[Mindy Jensen]

@Linda Weygant gives great advice. But you should stop reading after the first paragraph.

Don't rent to these people. It's great that you are screening, and this is what screening turns up. Most applicants won't be qualified. The ones that aren't have a great reason for why they can't qualify.

When it comes time to pay rent, they will have great reasons why they can't pay the whole thing, or why they can't pay some of it. You don't want reasons, you want rent when it is due. They will be difficult tenants at best.