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”