Are there any initial or extra costs?

There are no initial costs, extra costs, or monthly payments. The loan amount plus the processing fee and accrued interest are repaid in a lump sum by your Lawyer or Notary upon the completion of your sale.

Do I have to sign the documents with my Lawyer or Notary?

We issue our documents electronically for you to sign on your own. Once you have signed these documents, we forward them to your Lawyer or Notary for execution. 

From inquiry to funding, our process is fully digital. 

Do I have to use a specific Lawyer or Notary?

Although some organizations require you to work with their Lawyer/Notary or one who is outlined on their approved list, we do not. Our only requirement is that the legal representative is licensed and practicing in the province that your sale is taking place.

*Since we work with the Lawyer or Notary of your choosing, it is important they have been contacted, arranged, and have been provided with the necessary documentation pertaining to your sale. They will not sign our documents until this has been done.

How long does this process typically take?

Provided you have a firm sale on your current home and have a Lawyer or Notary retained and instructed to handle your sale, we can fund in as little as 24 hours.

What is Deposit Financing’s security?

To make our process more time and cost effective, we do not register a mortgage; instead, we use an Assignment of Funds and Direction to Pay. This is as an undertaking that you and your legal representative separately sign, promising to repay us from your sale upon completion.

*If the sale does not complete as scheduled, or in a reasonable amount of time after, a mortgage will be registered at 12%.

When do I receive the funds in my account?

All funding’s are transferred electronically, which are processed and cleared in batches throughout the day. Please refer to the chart below for when the funds will be available to you.

Funding times

How much does this service cost?

For a quote, please try our Cost Calculator using the button below. The only information you need to receive a quote is the amount and length of time required.

*Our loans are set up for a minimum term of 40 days. All loans have completely open terms, meaning they can be repaid at any time without penalty or additional interest.