WASHINGTON, June 1, 2021 /PRNewswire/ -- Till, a leading financial technology platform that helps renters pay, stay and thrive in their homes, today announces a partnership with Asia Capital Real Estate (ACRE), a global real estate private equity firm managing capital for institutional and family office investors, to launch Till Credit Builder across its portfolio. ACRE will extend rent reporting benefits to residents in multifamily properties nationwide.
Till helps renters build credit history as they pay rent. Each successful month of paying rent improves credit history, enabling renters to build a better financial foundation.
Till's Credit Builder reduces complexity for property managers by handling all interaction with the credit bureaus and taking on the compliance risk of reporting their renters' payment history. It's a hassle-free solution for landlords. Till offers rent reporting alongside its full suite of services that enable renters to better pay their rent. As Till improves renter outcomes through its Flexible Rent product, Credit Builder now helps renters build a financial foundation and improve collections.
In partnership with ACRE, the program will create a new standard for property owners and managers to offer prospective and current residents a unique benefit by automatically reporting rent payments through the Till platform to TransUnion, as well as Experian and Equifax by the end of 2021. Renters are now better positioned to establish and build their credit profiles. All residents of ACRE properties will be enrolled in the program and have the ability to opt-out.
Till Credit Builder is the first in a suite of new products to be released by Till in 2021, improving credit access to renters. The solution expands Till's financial experience platform for residents to include budgeting and savings plans, credit history building and flexible payments for renters at enrolled communities.
"We have seen incredible growth in demand for our Flexible Rent product. Now we are seeing renters and operators alike seeking new ways to improve their renters' financial foundation," said David Sullivan, founder and CEO of Till. "This partnership highlights a movement in the rental industry, where operators are offering more service-focused amenities. We're excited to launch Credit Builder with ACRE and aid the process of building a better financial future for renters."
The enhanced partnership follows a year of deploying Till's Flexible Rent product across ACRE's portfolio, where properties saw significant boosts to delinquent renter performance. Properties enrolled up to 45% of residents contributing to a 71% reduction in bad debt for renters working with Till.
The expansion of the Till platform and partnership with ACRE builds upon proactively engaging renters, in advance of rent being due, to ensure rent is paid in full and on time as reliably and predictably as possible. With Credit Builder, now renters get credit for their good performance.
"At ACRE, we have always believed that lasting value is created by investing not just in physical properties, but in the people and communities who inhabit them," said Les Menkes, Founding Partner at ACRE. "This partnership with Till will help us empower our residents by giving them greater financial control and opportunity. That not only helps us by creating a more stable source of rent and revenue at our properties, but sets all of our renters on a path to a more successful future."
Till's platform sets renters up for success and to become consistent, on-time payers by creating a customized payment schedule that aligns with their individual cash flow. The analytics-driven platform, which was introduced in April 2020, is expected to cut evictions by as much as 50 percent, helping renters avoid punitive late fees that damage their long-term financial health.
Till is the nation's leading provider of personalized financial solutions for renters, to enable them to pay in full and on time. Its proprietary platform provides a detailed analysis of renter cash flow and expenses to break payments into smaller, more manageable increments throughout the course of the month. For owners and operators, Till provides the ability to provide personalized payment services for their renters, along with advanced property analytics to guide their asset management strategy. For more information, please visit www.hellotill.com.
Founded in 2011, ACRE is a global real estate private equity firm managing capital for institutional and family office investors through a series of private equity and debt funds with AUM exceeding $1.8 billion. A specialist investor in multifamily housing with a vertically integrated platform, ACRE's strategies focus on direct real estate equity and credit investments and are concentrated in the United States, with additional properties currently in development in Southeast Asia and the United Kingdom. Since inception, ACRE has acquired, operated, developed and made loans on over 22,000 apartments across 75 properties and 31 cities.