diff --git a/hobo/multitenant/settings.py b/hobo/multitenant/settings.py
index 19d30ef..15e0153 100644
--- a/hobo/multitenant/settings.py
+++ b/hobo/multitenant/settings.py
@@ -60,6 +60,7 @@ class TenantSettingsWrapper(object):
                 break
 
         if new:
+            tenant_settings = UserSettingsHolder(self.default_settings)
             # something is new, call all loaders
             for loader in self.loaders:
                 loader.update_settings(tenant_settings, tenant)