A new Toronto lender, Tembo Financial, is offering agents specialized financial tools to give them an edge in presentations to sellers.
The firm “focuses mainly on short-term equity advances for your clients when they require money in advance of the closing date on the sale of their property,” says Tembo president and CEO Arryn Greenspan. The company can quickly approve the client for the advance, usually within 48 hours with no appraisal and no credit check, he says.
He says this can come in handy when a client has sold their house and now needs to make a purchase but has no money available to put down a deposit when making an offer to purchase. Instead of waiting for their sale to close, Tembo can advance them some of the proceeds of the sale so that they can secure their next home, says Greenspan.
Tembo Financial also provides more buying power by topping up deposits through an equity advance. “In a bidding war it may come down to the size of the deposit. Traditionally buyers put down between three to five per cent. We can help top that up, strengthening their negotiating power with the seller, who sees a larger deposit or financial strength, giving them the edge in multiple offer scenarios,” says Greenspan.
Tembo can advance equity to your client so they can renovate their new home or make repairs and renovate their existing home.
It’s also a “great tool for your clients that flip houses and need to close ASAP so that they can move on to their next project and purchase their next home to flip. Now they can close at a future date and receive their equity as soon as they have sold firm,” he says.
“We can provide agents and brokers with financial tools that make them stand out from others at listing presentations. Sellers are impressed when they see the added services agents have access to at Tembo Financial.”