Commencement of Guarantee Service on Corporate Rental Housing Contracts
Leveraging ORIX’s Corporate Credit Knowhow to Respond to Client’s Request for Guarantee Services with Credit Decision on the Same Day
Feb 26, 2015
TOKYO, Japan - February 26, 2015 - ORIX Corporation (TSE: 8591; NYSE: IX), a leading integrated financial services group, announced today that it will begin providing a guarantee service on corporate rental housing contracts, with Entrust Co., Ltd. ("Entrust"), a comprehensive guarantee service provider under the Prestige International Group.
This service provides guarantee on corporate renters' obligation on their rental payments towards rental housing property owners (lessors). ORIX will leverage its corporate credit knowhow and, in principle, respond to enquiries on guarantee service within the same day with its credit decision, helping real estate brokerages or management companies to respond swiftly to their renter applicants.
Entrust provides a guarantee service on individual rental housing contracts, and has formed a robust business platform through alliances with approximately 300 real estate management companies. Together with ORIX, Entrust aims to expand its guarantee service to include corporate contracts, enabling it to respond to residential owners' guarantee needs and further enhance its business.
ORIX will continue to pursue services that leverage its corporate credit knowhow in various commercial transactions to support customers' business activities.
|Guarantee Scope||Expenses such as rents (Rent, shared service fees, monthly fixed fees, etc.) interior restoration fees, rental renewal fees, fees for legal procedures, etc.|
|Guarantee eligibility||Corporate contracts (excluding individual proprietors)|
|Eligible properties||Residential properties|
|Guarantee limit||Expenses equating to 12 months' payment of rent, etc., and fees for legal procedures, etc.|
|Guarantee period||2 years starting from the guarantee inception date, and automatic renewal every 2 years thereafter|
* Detailed scope of guarantees are decided through individual consultation
Corporate Planning Department
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses. Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 35 countries and regions across the world. ORIX celebrates its 50th anniversary in 2014 and moving forward it aims to contribute to society while continuing to capture new business opportunities and sustain growth by promoting acceleration of its corporate strategy "Finance + Services." For more details, please visit our website: http://www.orix.co.jp/grp/en/
Caution Concerning Forward Looking Statements:
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under "Risk Factors" in the Company's annual report on Form 20-F filed with the United States Securities and Exchange Commission and under "4. Risk Factors" of the "Summary of Consolidated Financial Results" of the "Consolidated Financial Results April 1, 2013 - March 31, 2014."
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