We charge a fixed cost of 6% per year on the rent advanced.
For example, if your property generates $3,000 per month and you choose to access one year of rent in advance ($36,000), the cost would be $180 per month ($2,160 per year).
The total cost would be fixed at $6,480 over a term of 3 years ($180 per month x 36 months).
Unlike interest payments, your cost is fixed and doesn’t change, meaning if you are unable to find a tenant and are without rental income, the instalments are paused and the cost doesn’t increase. Your total cost won't change; we simply extend the term by the amount of time you paused the instalments for.
For example, if during your 3-year Futurerent term you have a vacancy which causes 2 months of no rental income, your total Futurerent term will become 3 years and 2 months, instead of 3 years. Despite the longer term, the instalments don't increase.
That’s one of the reasons why our clients love Futurerent: there’s no interest or penalties if it takes a bit longer to pay us back.
However, if you do repay us early, it still comes with your fixed cost (though unlike the banks, we never charge early termination fees).