How to Integrate Padder into Your Leasing Process

Step 1: Create Your Padder Account

Visit the Padder Commercial Portal.
Click "Create Account" and choose your preferred sign-in option.
Enter the required information.
Verify your email: a code will be sent from notifications@accounts.dev. Enter the code to complete your setup.

Note: Email might land in spam or junk folder.

Step 2: Add Your Commercial Properties

Navigate to the "Add Rental Property" section.
Enter the required property details.
Click "Complete Enrollment".
Return to your dashboard to manage your portfolio.

Tip: Add all your commercial properties for streamlined management.

Step 3: Educate Prospective and Existing Tenants

Prospective Tenants:
Introduce Padder during lease discussions before signing. Share marketing materials from the Padder Resource Centre.

Existing Tenants:
Offer Padder to replace their letter of credit or cash deposit. This provides:

Unpaid Rent: Coverage up to the agreed limit.
Legal and Remedial Action Fees: Up to $10,000.
Vacancy/Re-leasing Costs: Up to three months’ rent.

This option frees up cash or credit for business growth. Tenants should first consult their bank about cancelling their letter of credit, then proceed.

Step 4: Invite Tenants to Apply

In your Padder account, go to the "Add Lease" section.

Enter Lease Details:

Building & Unit Information: Select the building and enter the unit number or name.
Lease Details: Enter total Sqft, amount per Sqft, maintenance per Sqft, yearly increase per Sqft, free rent (months), and prepaid rent (months).
Click "Continue."

Choose Protection Options:

Select the protection amount (excluding prepaid rent, concessions, and security deposits):
- 6 months, 9 months, or 12 months.
  - Monthly rent cost * Protection Amount (Months) = Padder Lease Protection Limit.
    E.g., $20,000 Monthly rent * 12 Months = $240,000 Protection Limit.

Click "Continue."

Enter Tenant Contact Information:

Provide the tenant’s email address. For multiple renters, click "Add Renters +" and add additional emails.
Click "Continue."

Protection Duration:

All Padder Lease Protection guarantees provide protection for the duration of 12 months, and renew annually on the lease start date.
Click "Continue."

Return to Dashboard.

Quick Application Outcome:
Tenant application results are provided within 24 hours after submission.

Step 5: Tenant Agreement & Purchase

The landlord pays a non-refundable program fee to secure the protection.

This fee may be included as a line item in the tenant’s lease agreement.

Step 6: Finalise the Lease

For New Tenants:
Once you’ve received confirmation that Padder Lease Protection has been successfully purchased, please proceed with lease signing. Ensure the Padder Lease Protection details are reflected in the final lease agreement.

For Existing Tenants (Replacing a Letter of Credit or Deposit):
After approval and purchase of Padder Lease Protection:

Existing tenants should coordinate with their financial institution to cancel the existing letter of credit (if applicable).
Ensure their lease documentation is updated to reflect the replacement of the deposit or letter of credit with Padder Lease Protection.

Step 7: Annual Renewal:

Padder Lease Protection renews annually for the full lease term, pending updated tenant information and payment of the renewal fee.

Automated reminders will begin 90 days before the renewal date, with clear instructions for next steps.

Enjoy Enhanced Protection

Padder Lease Protection provides comprehensive protection limits, offering unmatched security throughout the lease term.

By following these steps, you can efficiently integrate Padder’s Lease Protection into your leasing process.

For further assistance, visit the Padder Resource Centre or contact Padder Support.