Deposit Guarantee platform Insurami launches partnership with Marylebone owner The Howard de Walden Estate
28 October 2021
The Howard de Walden Estate, owner of the 92-acre Marylebone portfolio, has partnered with Insurami to offer deposit-free leasing for their tenants. The prestigious landlord will offer tenants the option of choosing a Deposit Guarantee as security for the lease, rather than a traditional cash deposit, enabling tenants to save over 95% of their upfront deposit costs. Instead of locking up cash in a deposit, tenants to pay a small monthly fee and Insurami’s Deposit Guarantee pays out to the landlord in the event of a default.
Cash deposits present a major upfront cost for tenants and can be a barrier in the leasing process. Deposit Guarantees provide a market-standard alternative that offers a compelling solution for both sides – enabling tenants to bring down their move-in costs substantially, without the landlord having to compromise on risk by accepting a lower deposit requirement. In the face of current market conditions and rising tenant expectations, reducing friction in the leasing process is key. Offering a deposit-free option enables landlords to attract more demand for their spaces and further differentiate their product.
The Howard de Walden Estate’s adoption of Deposit Guarantees sets a new standard in commercial leasing, offering a win-win solution that solves a major pain point for tenants.
Richard North, Head of Commercial Leasing at Howard de Walden, commented: “This partnership demonstrates how we are actively embracing innovation to support and benefit our tenants. We are always looking to reduce our tenants’ upfront move-in costs, and deposits are a significant expense. Deposit Guarantees allow us to enhance our leasing offer, improve the leasing experience for the tenant, all while giving us the security we need."
Majed Chaaraoui, CEO and Founder of Insurami, added: “It's been great working with The Howard de Walden Estate to launch our Deposit Guarantee product and we're excited to be offering deposit-free leasing across their portfolio. As we continue to partner with more landlords and agents, Deposit Guarantees are becoming a new market standard, enabling tenants to keep their money in their businesses, whilst giving landlords the protection they need to transact."