Check out some answers to common questions we receive – don’t see an answer to your questions? Please contact us and an associate will get back to you within 24 hours.

Is an appraisal of my property required?

In most cases not, however some exceptions do apply.

What documents does Tembo Financial require along with my application?

We require the following:

  • Personal Information
    • Driver’s License
    • VOID Cheque
  • Documents Related to the Property and the sale of the Property
    • Listing Agreement
    • Purchase & Sale Agreement
    • SOLD MLS Listing of Property
    • Waivers / Notice of Fulfillments / Amendments (As applicable)
    • Current mortgage statement(s)

What constitutes a firm sale?

A sale is firm once all conditions pertaining to the agreement of purchase and sale have been fulfilled or waived.

What security does Tembo Financial register when providing me with an advance on my equity?

Tembo Financial registers a mortgage ranking directly behind the existing mortgage(s) in place.

What rates does Tembo Financial charge?

Our rates are extremely competitive but do vary, please contact us to get a quote.

What if my property has not yet sold firm?

Tembo Financial is happy to assist please contact us and hopefully we can tailor a solution to fit your need.

Do you do a credit check?

In most cases not, however some exceptions do apply.

What happens if my sale falls through or gets extended?

We do understand that this may happen, in the event it does please contact us right away so that we can come to a resolution with you. In most cases if the sale is extended we can extend the loan.

Is this services available on commercial properties and properties that are not primary residences?

Yes, subject to qualification.

Can I repay the loan early?

All our loans are open and can be repaid at anytime.

Are there restrictions on what I can use the loan for?

No.

Is there a minimum amount you will lend?

Yes, the minimum we will lend is $7,500.00

Is there a maximum amount you will lend?

No, Tembo Financial considers all factors including loan amount and loan to value to determine maximum amount.

Does my real estate agent need to be registered with Tembo Financial before I can apply?

No, however we would require their contact details when you submit your application.

How does Tembo Financial get repaid?

Tembo Financial gets repaid directly from your lawyer upon the closing of the sale on the closing date. However if you chose to pay off your loan early there are no penalties for doing so.