Business Buyers
Got your eye on an acquisition but need a hand in bridging the funding gap? Vendor Finance may be the right solution for you - this is where Turms comes in!
How it Works
Vendor finance used to be hard. Turms makes it easy.
Search
Browse our listings or send us a listing you’ve got your eye on. We’ll reach out and introduce the Turms platform.
Prepare
Conduct your due diligence of the business whilst we collect all the required info to get the vendor finance across the line.
All systems go!
Settle with the vendor and start running your dream business! Managing your new finance agreement is a breeze through the Turms platform.
What we offer business buyers
Access More Opportunities
Unlock access to opportunities that weren’t previously available.
Access better businesses
Premium businesses will sell for premium prices. Turms makes these businesses accessible.
Create your Buyer Profile
Create your Buyers Resume to give more confidence to Vendors and Landlords.
We’ll enquire on your behalf
Asking for vendor finance can be daunting. Let Turms ask the tough questions for you.
Education and Tools
Get access to a range of tools and tips to help you hit the ground running.
Personalised Service and Support
We’ll be with you every step of the way from search to settlement.
Access your dream business with Turms
Calculate your estimated repayments
Frequently Asked Questions
What is vendor finance?
Vendor financing, which is also called seller financing or vendor take-back, is where the seller of the business agrees to take part of the sale price through a series of payments with interest. The seller is essentially extending debt to the buyer so that they can complete the purchase.
How much can I vendor finance?
As a purchaser you should be assessing how much cash flow the business generates and how much of that cash flow you can commit towards loan repayments. Our easy calculator in our purchaser portal makes this easy to figure out
How much will my repayments be with vendor finance?
This will be set between yourself, the vendor and your broker/s. Turms will help tailor this amount to suit both the purchaser and vendor
Will I need to do a credit check to get vendor finance approval?
Yes, we run soft credit checks as part of our standard processes.
Can I pay out the loan early?
Absolutely! You may also be eligible for a discount on the remaining amount!
I want to buy a business that’s not listed on turms.com.au, can I do that?
Seen a business you like listed elsewhere? Head to the purchaser tab and send us the link and we’ll reach out to the broker/vendor.
How does vendor finance work?
Vendor finance used to be difficult but Turms makes it really easy! Once the purchaser, vendor and their broker/s have agreed to the vendor financing amount and loan term, the Turms platform gets to work and makes it all official
What’s the interest rate with vendor finance?
As the vendor is essentially extending an unsecured loan, the rates vary between 13-17% p.a.
Vendor financing will be a little more expensive than a traditional bank loan but on par if not cheaper than most other funding sources. We have a few ways of getting your interest rate as low as possible and will go through them in the purchaser portal.
Do I need to provide security for the vendor fInance?
Our standard agreement template allows for a General Security Agreement over the business whilst the finance remains in place. Purchasers also provide personal /director’s guarantees.
If you do have further security to offer (e.g. residential property) we can usually use this to lower your interest rate over the finance term.
How long are vendor finance terms?
This will be set between yourself, the vendor and your broker/s. Turms will help tailor this but finance terms usually sit between 6 months and 24 months
I have bad credit, can I still apply for vendor finance?
Absolutely! While traditional lenders such as banks may knock you back if you have a bad credit history (or no credit history) we understand that there’s often more to the story. As long as you meet our other eligibility criteria we can still hopefully secure vendor approval for you.
