Helping homeowners buy first and sell later!
Stressed about not being able to close on your dream home? Tembo Financial offers fast and convenient bridge financing solutions in Ontario making sure you get your home on the closing date!
Fast and convenient bridge financing solutions in Ontario from Tembo Financial. Apply Today!
At Tembo Financial our specialty is providing homeowners the funds necessary to cover the financial gap between their new purchase and the sale of their existing home when the closing dates of both properties aren’t aligned. Don’t get stuck forfeiting your deposit! Call Tembo Today.
From $25,000 with no maximum loan amount, Tembo Financial is the place to go for all your short-term real estate transactions with no income verification, credit checks or appraisals*
Advantages of Bridge Financing with Tembo Financial:
How does bridge financing in Ontario work?
Bridge financing works by putting a mortgage on your existing property and or your new purchase, which gets repaid once your property sells!
With flexible payment structures available, you may not have to make any monthly payments!
- Access home equity to complete real estate transactions within 48 hours or less.
- We at Tembo Financial are a direct lender which allows us to get clients money for their bridge financing faster than big banks and without the hassle of a lengthy approval process. Don’t spend time stressing on whether you’ll close on your purchase.
- Working directly with Tembo Financial allows home owners to avoid expensive broker and administration fees that are often charged working with a mortgage broker.
- Structured as 1st, 2nd and even 3rd mortgages
- Use the funds for renovating your existing property before sale or the deposit on the new purchase
Bridge Financing in Ontario is very common and if often very difficult to obtain from the big banks, especially if your new purchase is going to be owned “free and clear” after your existing home sells.
Bridge Financing in Ontario explained:
You are the homeowner of 250 Sports Fan Way which is currently on the market for sale. You accept an unconditional offer from a buyer for your current property, which has a closing date of December 15 for $1,000,000.00. The home has no mortgage on it therefore you own the property free and clear.
On the same day of accepting the offer on your property you place an offer to purchase a new condo at 65 Grocery Lane for $600,000.00, which is accepted with a closing date of October 15. Your supposed to take possession 61 days before the closing date of your existing home.
In order to close on your new purchase, you’ll need $600,000.00 on your closing date (October 15), however you won’t receive the proceed from your sale until December 15. What can you do?
This is a great example where a homeowner can use bridge financing. Through Tembo Financial you would take out a short term $600,000.00 loan for the 61 interim days between your purchase closing (Oct 15) and your sale closing (December 15). When your existing home sells on December 15th Tembo would get repaid from the sale of your home. After the load is repaid, you would own your condo ‘free and clear”
What are the costs of getting bridge financing in Ontario?
The fees are simple with our bridge financing loans and always clearly outlined in our commitment and borrower disclosure. The fee structure is dependent on many factors, including the loan amount, the position on title as well as the location and condition of the subject property. Give us a call today to discuss your situation and get a quote! Call 416 238 6717.
Are lawyers required to get bridge financing in Ontario?
Yes, lawyers are required to complete the loan transaction. Fortunately for our clients, Tembo Financial has really low legal fees.
How long does the application process take for bridge financing?
The application process is simple and only takes a few short minutes to complete. Most clients are approved in minutes! We are often able to fund the loan in 24-48 hours. Some conditions apply and are subject to qualification.
How is my bridge financing secured?
All our loans are secured by real estate. Tembo Financial registers a mortgage ranking directly behind the existing mortgage(s) in place.
When do I receive the funds for my bridge financing?
Funds are sent to our client’s bank account directly from the lawyers once the file is “closed” and the mortgage is registered on title.
Do I need a home appraisal for bridge financing?
In most cases we do not require appraisals, however some exceptions apply.
What documents do I need to apply for bridge financing in Ontario?
- 2 pieces of Valid ID (Drivers License, SIN #, Credit Card, Passport)
- Void Cheque
- Most Recent NOAs (upon request)
Documents Related to the property:
- Most recent mortgage statement(s)
- Most recent property tax statements
(If the property is Sold or going to be sold)
- Listing Agreement
- Purchase and Sale Agreement (when applicable)
- Sold MLS Listing (when applicable)
- Any waivers, Amendments pertaining to the sale.
- A copy of the buyer’s deposit cheque (when applicable)
What rates does Tembo Financial charge for bridge financing?
The interest rates at Tembo Financial are competitive to current market prices but do vary depending on each client situation. Please call our offices at 1 844 238 6717 to get a quote.
Is there a minimum loan amount for bridge financing?
Our minimum loan amount at Tembo Financial is $25,000.00
How does Tembo get repaid for their bridge financing?
In most cases, the bridge financing is paid out on the closing date of the clients “sold” property.
What areas does Tembo Financial provide bridge financing?
Tembo lends throughout Ontario. Please contact us directly to see if we lend in your area. Some of our approved lending areas include: Ajax, Arnprior, Barrie, Bracebridge, Bradford, Brantford, Belleville, Burlington, Brampton, Caledon, Cambridge, Collingwood, East Gwillimbury, Erin, Fort Erie, Guelph, Goderich, Gravenhurst, Grimsby, Hamilton, Halton Hills, Huntsville, Ingersoll, Kawartha Lakes, Kingston, Kitchener, London, Markham, Mississauga Milton, Mono, Newmarket, Niagara Falls, Oakville, Orillia, Ottawa, Orangeville, Pelham, Pickering, Peterborough, Prince Edward County, Richmond Hill, Sarnia, St Catharines, St. Thomas, Toronto, The Blue Mountains, Vaughan Wasaga Beach, Whitby, Waterloo, Whitchurch-Stouffville, Windsor.
Can my bridge financing be an open term?
Yes, most of our bridges financing solutions are fully open. This allows our clients to repay their loan any time during the term of the loan without any repayment penalties. Typically, we simply get repaid on the closing date and get paid directly from the lawyers on closing.
What term length are your bridge financing loans?
In most cases our bridge financing terms are 3 or 4 month, fully open terms. Depending on the client’s situation we can customize the term length to be anywhere between 1 and 12 months for all bridge financing.