Loft Property Management strongly supports all applicable Federal and Fair Housing Laws in both spirit and practice. All policies set forth below are strictly adhered to without regard to any race, color, religion, sex, sexual orientation, gender identity, national origin, marital status, familial status, or source of income of the applicant. Our qualification guidelines are outlined below. If you feel you meet the following guidelines, we encourage you to apply.

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GENERAL CRITERIA

1. If applying with a co-applicant, roommate, or spouse, all applications must be completed entirely to be considered as a joint completed application.

2. Complete applications are processed on a first come, first served basis.

3. An application is considered complete only when Loft has received ALL the below items for each applicant and guarantor.   

4. Each adult applicant (age 18+) must complete the application via the designated form or the online application portal, pay the required screening fee of $40, and submit all required documentation.

       Required documentation is as follows but not limited to: Color copy of government issued photo ID and proof of         income (see Income Criteria below)

   5. Persons under 18 occupying the rental must be listed under the “Dependents” section of the application.

   6.  Incomplete, inaccurate, or falsified information will result in denial of the application.

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INCOME CRITERIA

1. Gross combined income must be equal to or greater than 3 times the stated monthly rent amount.

2. If all applicant’s combined gross monthly income does not equal 3 times the stated monthly rent, a qualified guarantor may be considered.

3. Applicants most recent 30 days of paycheck stubs are required if employed.

4. Verifiable income will be required for unemployed applicants. Verifiable income may include but is not limited to: Social Security, Unemployment, Retirement Accounts, Alimony, Child Support, Etc.

5. Section 8 Voucher holders must submit a copy of their housing voucher at time of application.

6. Self-employed applicants must provide a copy of the previous year’s tax returns.

7. Applicants who do not meet the above income criteria may submit Savings Account statements for the past 6 months showing a minimum average balance equal to 8 months of rental payments.

8. Your application will be denied if your source of income cannot be verified.

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CREDIT CRITERIA

1. Loft Property Management will obtain a consumer credit report from Experian for each applicant and guarantor.

2. Credit reports supplied by applicants will not be accepted.

3. Credit history will be weighed in conjunction with all other rental criteria. Loft reserves the right to deny any applicant based solely on a history of inadequate or delinquent credit activity.

4. Experian Credit Score criteria will be judged on a combined average of all applicant credit scores.

5. Applicants with discharged bankruptcies 5 years or older will be considered with additional security deposit.

6. Accounts in collections for Power, Gas, Phone, Cellular, Internet, Water, Sewer, or Trash charges will be considered grounds for denial.

7. Applicants with unpaid judgments may be denied.

8. If you or a joint tenant lack a credit history, then a guarantor and/or an additional security deposit may be required.

9. Guarantors will not be accepted for an applicant’s negative credit history. 

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EXPERIAN CREDIT SCORE REQUIREMENTS

• Score of  650 or above = No Additional Deposit 

• Score of  600 - 649  =  $500 Additional Deposit  or Qualified Co-Signer 

• Score of  599 or Below  = Denial of Application

• No Credit Score =  $500 Additional Deposit  or Qualified Co-Signer​

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CRIMINAL HISTORY CRITERIA

Upon receipt of the Rental Application and screening fee, Loft Property Management will conduct a search of public records to determine whether the individual or any proposed resident or occupant has a “Charge or Conviction” (which means charges pending as of the date of the application; a conviction; a guilty plea; or no contest plea), for any of the following crimes as provided in ORS 90.303(3):

1. Criminal convictions or pending charges which may result in an application denial include but are not limited to alcohol or drug related crimes, person on person crimes, weapons charges, obscenity and related violations, prostitution, sex crimes, any crimes involving financial fraud (including identity theft or forgery), or any other crime that would adversely impact the health, safety or right of peaceful enjoyment of the premises of the residents, owner/agent.

2. Any convictions or pending charges that require registration as a sex offender, crimes involving human trafficking, or child sex crimes will result in denial.

3. Loft Property Management will not consider a previous arrest that did not result in a Conviction, or was dismissed, expunged, voided, or invalidated, determined, or adjudicated through the juvenile justice system.

4. Failing to disclose if you have criminal charges pending, if you have ever been Convicted of, plead guilty to, or plead no contest to a crime will be considered as providing inaccurate, or falsified information and will result in denial.

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RENTAL HISTORY CRITERIA

1. A minimum of the past two years of address history must be disclosed.

2. Lack of verifiable rental history will require an additional security deposit.

3. Proper notice to vacate to applicants current or previous landlord must have been/be given.

4. Rental history Loft considers negative could result in denial.

5. Judgments or outstanding monies owed to a housing provider will result in denial.

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EVICTION HISTORY CRITERIA

1. Five years of eviction-free rental history is required.

   • Except for general eviction judgments entered on claims that arose on or after April 1, 2020, and before March 1, 2022. Eviction actions that were dismissed or resulted in a judgment against the individual will not be considered.

2. Eviction judgments older than 5 years must be paid in full.

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GUARANTOR CRITERIA

1. Guarantors will not be accepted for an applicant’s negative credit history. 

2. Guarantors must apply and pay the applicable non-refundable screening fee.

3. Guarantors’ gross income must equal a minimum of 6 times the stated monthly rent.

4. Guarantors must have a minimum Experian Credit score of 700.

 

PROCESSES AND GENERAL DISCLOSURES

 

ADDITIONAL INFORMATION

1. Applicants may be rejected based on the demeanor in which they treat Management or other parties present.

2. To be added to an existing rental agreement, a $40 screening fee and application approval will be required. At time of approval, any additional security deposits assessed based on screening will be due.

3. All prospective applicants have the right to dispute the accuracy of any information provided to Loft by a third-party screening company or credit reporting agency. 

4. Applicants may submit a written explanation with their application if there are extenuating circumstances which require additional consideration.

5. If, after making a good faith effort, we are unable to verify information on your application, or if you fail to pass any of the screening criteria, the application process will be terminated.

6. Exceptions may be made for applicants with increased deposits or qualified guarantors at the sole discretion of Loft Property Management.

7. Additional guidelines pertaining to federal, state, and local laws regarding COVID-19 moratoria and protected emergency and/or grace periods may affect our ability to interpret information in relation to screening results.

 

SIGHT UNSEEN RENTALS

1. Each applicant acknowledges our “Sight Unseen” policy.

   • If the applicant is applying for a property that they have not seen in person, the applicant agrees to take the unit in its "as-is" condition and assumes all responsibility regarding the condition upon move-in at the time of signing the Residential Lease Agreement.

 

ERRORS AND OMISSIONS: 

1. Every effort has been made to provide applicants with reliable and accurate information regarding the home you are applying for – however, changes can and do take place to cause inaccurate information to be presented accidentally.

2. We encourage all tenants to verify schools, allowable pets, expected features, or any HOA concerns prior to signing a lease agreement.

3. Any information posted in the advertisement does NOT constitute a written agreement or guarantee of the facts stated.

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RENTERS INSURANCE

1. Renters insurance, though strongly recommended, is not required.

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PETS AND ANIMALS

1. You are required to list your animal on the application form.

2. If you have a pet, you must ensure the property you are applying for accepts pets, the pet must meet Loft Breed Restrictions, information about the pet, a photo of the pet and current vaccination records must be submitted, an additional deposit and monthly pet rent will be assessed.

   • The following pet breed restrictions apply: Pitbull, Doberman, Rottweiler, German Shepherd, Wolf, Husky, Malamute, Staffordshire Terrier, any hybrid or mixed version of these breeds, any breed restricted by local laws or ordinances. (See Loft Animal Policy for complete details) 

   • The following pets are not allowed: Snakes, large reptiles, pets generally considered to be farm animals, or fish tanks over 10 gallons.

Loft does not allow any pet considered to be lethal or deadly, whether it be exotic or domestic.

   3. If your animal is an Emotional Support or Service Animal:

• Information about the animal, a photo of the animal, and current vaccination records must be submitted.

• Verification of the need for Emotional Support or Service Animal may be required.

• Breed restrictions may be waived for verified Emotional Support and Service animals.

• Deposits and pet rents will be waived for verified Emotional Support or Service Animals.

 

RENTAL PROPERTIES

1. Growing, manufacturing or distribution of marijuana, or other controlled substances is prohibited at all Loft properties.

2. The use of marijuana or other drugs is prohibited on all Loft properties.

3. Smoking and vaping are prohibited on all Loft properties.

4. Rental properties may be subject to HOA rules and regulations.

 

APPLICATION APPROVAL

1. The initial Security Deposit of $1000 is due within 2 business days of application approval and will hold the rental for up to two weeks, (or until the rental is ready for move in) at which time you must take possession and rent begins. 

2. Applications are valid for 60 days from the date approved. Loft may require updated proof of income since the original application.

3. If the applicant’s move-in date is within 5 days of the end of the month, we will require the next full month’s rent amount along with the pro-rated rent for the month of move in.

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APPLICATION FEES

1.    The Applicant has the right to a refund of the application fee if:

   • The unit is leased prior to screening your completed application.

   • Your application is not screened.

   • No screening of your application has occurred prior to you notifying Loft you wish to cancel or withdraw your application.

2.    The applicant may not recover the screening charge if the applicant refuses an offer to rent the dwelling.