Are you in a situation whereby you have sold or are in the process of selling your home and have just realized that you cannot access the proceeds until closing day? Need money for your deposit on the home you are purchasing or renting?
Don’t worry, Tembo is here to help. With our unique service we can give you access to your money within 48 hours, allowing you to purchase that perfect home today!
Need a deposit loan today? Tembo Financial is happy to help.
Types of Deposit Loans
Down Payment Deposit Loans
Perhaps you’ve signed on the bottom line to purchase a new home (congratulations!) but the funds to pay for the new property are still tied up in your old home, which has not yet sold. A deposit loan can provide you with the funds needed to complete the sale on your new property, until the funds from the closing of your current home are available.
Rent Deposit Loans
Prior to renting a property, many landlords require a security deposit, often amounting to the sum of the first and last month’s rent. This deposit serves as an assurance that you will adequately care for the rented property and will keep it in good condition. Should you fail to pay your rent, or incur damages in the rented space, the landlord will keep this security deposit.
In the event that you don’t have enough funds to pay your security deposit in full, a low interest rent deposit loan can help cover this gap until you’re able to pay it back. Rent deposit loans are typically provided to individuals who are currently in the process of selling their current home, and do not yet have access to the funds from the sale.
A Closer Look…
Let’s take an example from Michael and Michelle, who have recently sold their home. Michael and Michelle sold firm on March 5th, but the sale does not close until June 5th. Michael and Michelle would like to buy a new home as soon as possible, but they’re relying on the proceeds of their sale for the deposit to purchase their new home.
In this case, Michael and Michelle could fill out an application for an equity advance with Tembo Financial, who could offer them the short term solution they needed until they received the proceeds from the sale of their home.
By working with Tembo, Michael and Michelle are:
- Given more flexibility when purchasing their new home
- Saving the costs of home rentals in the interim period
- Saving costs associated with moving to/from the rental home
- Alleviated from the pressure and stress of the waiting period
- Avoiding a situation whereby they are not able to purchase their dream home due to the constraint of not having money for the deposit
Want to learn more about how a Deposit Loan can help you manage your finances and secure your new dream home while you’re waiting for the closing of your home sale? Reach out to one of our Tembo Financial experts or Apply Now!