Goldcor Rolls Out LeaseLock Zero Deposit Across Portfolio

Apartment owner Goldcor Capital Partners has partnered with LeaseLock to roll out the company’s Zero Deposit product across its portfolio of Sunbelt state properties. Zero deposit is a lease insurance program that eliminates security deposits and deposit alternatives, like surety bonds. Goldcor plans to roll the product out across its portfolio and for new acquisitions as well.

“Like many apartment owners, we have seen an uptick in fraudulent records from new move-ins that are brought to our property management company,” Nir Goldberg, managing partner at Goldcor, tells GlobeSt.com. “While our underwriting process is appropriate, we wanted an additional way to protect against that. We have looked at other lease protection companies in the past, however, those companies didn’t yield the results that we wanted.”

When looking for an insurance company, Goldcor found mostly surety bonds. “On most other programs that we looked at, there had to be a pool that the property had to build up to cover the damages,” says Goldberg. Many times when you are paying the amounts that we looked at, it could take a number of good residents to pay for the damages of one bad tenant. This is quite different. It allows you to take advantage of a larger platform and there is no pool that needs to be built up before you can recoup damages or lost rent.