Meet Lease Requirements...5X faster.

Our service simplifies the process of meeting your lease security needs. We guide you through a short wizard that collects all the necessary information. Once completed, Veritex Bank will verify the information and help you open an account within 72 hours (assuming all information provided by the Tenant/Business is correct and approveable)

Security and privacy are top priorities with the LCX. Here’s what you can expect:

‍Data Protection: All your personal and financial information is handled with the highest level of security. Our systems comply with the latest security standards, ensuring that your data is always protected.

‍Confidentiality: We take your privacy seriously. All information related to your LCX account is kept confidential and is only accessible to authorized personnel involved in managing your lease security.

‍Secure Transactions: Every transaction involving the LCX is conducted through secure, encrypted channels, providing you with peace of mind that your information is safe from unauthorized access.

Fully Insured: Your deposits with Veritex Bank are FDIC Insured up to $250,000 and to further protect your large deposits, the Bank leverages Insured Cash Sweeps (ICS) through the IntraFi Network to ensure that the entire deposit is protected by FDIC Insurance. Please visit this website to learn more about ICS ensuring that everyone's interests are fully protected.
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‍Quick Setup: The account setup is completed in just a few days, without any onerous requirements.

‍No Annual Fees: Unlike traditional Letters of Credit, LCX comes with no annual renewal fees, making it 80% cheaper over the lease term.

‍Secure & Reliable: The LCX is backed by Veritex Bank, a publicly traded institution with strong financial health and an investment-grade credit rating.

100% Cash-Secured: The LCX is backed by 100% cash from the tenant, held securely in a BBB+ rated Veritex Bank account. Your deposits with Veritex Bank are FDIC Insured up to $250,000 and to further protect your large deposits, the Bank leverages Insured Cash Sweeps (ICS) through the IntraFi Network to ensure that the entire deposit is protected by FDIC Insurance. Please visit this website to learn more about ICS ensuring that everyone's interests are fully protected.

‍Automatic Coverage: In the event of a tenant default, you have an irrevocable right to draw upon the funds as the sole beneficiary, with no delays. This means that every instance of default in your lease is automatically covered.

‍Cost and Speed Efficiency: The LCX is 80% more cost-effective for tenants than traditional LCs, saving them money while still providing you with the same level of security. Additionally, the LCX is issued within days, not weeks, eliminating the long waiting times associated with traditional LCs.

‍No Annual Renewals: Unlike traditional LCs, the LCX does not require annual renewals, reducing the administrative burden on both you and your tenants.

The process of drawing on the LCX is straightforward, fast and Landlord-friendly

Irrevocable Right to Draw: Landlords maintain an irrevocable right to draw upon the funds in the LCX at any time if the Landlord makes such request. This process is seamless and does not require any approvals or delays. This is issued by the Bank and 100% controlled by the Landlord as the sole beneficiary.

Bankruptcy Exempt: The LCX is explicitly exempt from bankruptcy proceedings, providing you with an added layer of security, just like a traditional LC. Moreover, every LCX is secured by a UCC lien, further enhancing its remoteness and protection vs a traditional LC.

‍Fully Remote Administration: The LCX funds are managed entirely by the bank, ensuring that they remain secure and accessible only to you as the Landlord.

Let Us Handle the Details:

If your prospective tenants have any questions or concerns about the LCX, Otso will handle all communication for you, just contact us and we will get it handled! Our team is fully equipped to explain the product, guide them through the setup process, and address any queries they might have. This means less work for you and a smoother experience. However, if you wish to explain an LCX here are it's primary advantages for a Landlord.

The LCX offers several distinct advantages over traditional LCs for a Landlord:

‍Faster Issuance: The LCX is issued in just 2-3 days, compared to the 2-3 weeks typically required for traditional LCs. This speed can significantly reduce the time it takes to finalize lease agreements.

‍Lower Costs: Traditional LCs can cost tenants 2-3% annually, while the LCX is a one-time cost of 1-3%. This substantial saving can make your properties more attractive to potential tenants.

‍Simplified Management: With no annual renewals, the LCX is much easier to manage, reducing the administrative workload for both you and your tenants.