Hi,
The tenant of our commercial property, who runs an importing & retail business, has never been particularly reliable for paying on time, but recently his payments are becoming consistently late. In the past the rent has been late by only a few days, but recently it has grown to as much as a month. When questioned, he explains that his business has cashflow problems due to unsold stock, payments not received etc.
We have talked with him directly and sent notices for the interest on rent outstanding after 14 days, but these have not had any noticeable effect.
Apart from the late payments he is not a troublesome tenant in any other way. Any suggestions on how to handle this situation?
The tenant of our commercial property, who runs an importing & retail business, has never been particularly reliable for paying on time, but recently his payments are becoming consistently late. In the past the rent has been late by only a few days, but recently it has grown to as much as a month. When questioned, he explains that his business has cashflow problems due to unsold stock, payments not received etc.
We have talked with him directly and sent notices for the interest on rent outstanding after 14 days, but these have not had any noticeable effect.
Apart from the late payments he is not a troublesome tenant in any other way. Any suggestions on how to handle this situation?
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