Potiential Prospect with conflicting information on Application

[Jackie Liu]

Hello BP member, I'm currently doing my due diligence on a potential prospect, during my search of the prospect's current residence I'm finding some information that does not match what was on the application.

For starters, the prospect passes our 3.5x income requirement, has a 700+ credit score but a few things that I seem to have trouble with is the management company that was on the application, I wasn't able to find any viable information through regular web searches, but through the Business public record I found an LLC to this management company which I found was created 5 months ago. The property the prospect resides in was sold back in 2022 and based on the County record it shows it's currently owned by a Management company located in Florida (Don't know about regional office). Second, the prospect stated on the application they lived in the property for 4 year, but the tenant rent ledger that was provided stated a move-in date of last year 2023 of October and for some reason doesn't have the name of the management company, and the ledger looked like it was created using Microsoft Word. Lastly, while looking through the County Court Record I found a dismissed Eviction record filed this year Feb of 2024 on the prospect, the address listed on the record for the prospect (Defendant) is the current property they reside in but found another management company (RENU Property Management) as the plaintiff (this one was easier to look up as it operates nationally in several states).

I usually have no problem with this as prospects usually reside in a known management company serviced in the area (Most are the typical corporate rental companies like First Key and Progress Residential, and some with the more known local management companies.). So it's kinda a first for me to run into this problem, just want some advice on how I should proceed with this.

[Drew Sygit]

@Jackie Liu you probably have enough info to deny their application, but if you want to continue to try to approve:

1) Ask applicant for copies of their lease(s) to support they've been there for 4 years and who PMC is.

2) Get 2023 W-2 to see what address is on it

3) Ask them to obtain and provide you with their FULL electricity account history. They can call and get a month-by-month statement.

4) How are they paying rent? Ask for last 12 months of bank statements to track rent payments were paid on time.

FYI: how "deep" is their credit report? The 700+ score means NOTHING without enough accounts to support it. We look for minimum of 2x24 months and 2x12 months, otherwise score is suspect.