Business Sellers
If you're selling a business and are interested in vendor finance, get in touch to find out how Turms can assist with finance and help you close the sale faster.
How it Works
Vendor finance used to be hard. Turms makes it easy.
List your business
Speak to your broker about listing on Turms - we’ll help you drive far more buyers to your listing. By offering Turms you’ll receive better offers much faster. Decide which offer is right for you!
Settlement
Settle with your preferred purchaser and start living your best life! Managing your new finance agreement is a breeze through the Turms platform.
Cash in
Want to cash in a portion of your expected settlement payments a little bit earlier? We can help get you started on that long deserved holiday!
What we offer business sellers
Access More Buyers
It’s no secret, the more interested buyers the better!
Pre-registered purchasers
We’ll get all the required information early in the process to help you make the best decision.
Streamlined Vendor Finance
No more back and forward with multiple parties. Turms streamlines the vendor finance process.
Personalised Service and Support
We’ll be with you every step of the way, from listing to the last loan repayment!
Vendor portal
Access your dedicated portal with all the information you’ll need.
Cash In (Coming Soon!)
Cash in up to 12 weeks of scheduled payments in advance!
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 should I vendor finance?
As a vendor 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 I receive in repayments with vendor finance?
This will be set between yourself, the purchaser and your broker/s. Turms will help tailor this amount to suit both the purchaser and vendor
What diligence is done on the purchaser?
We do the sort of diligence that a commercial landlord requires as well as working with the purchaser to calculate budgets and business plans. Ultimately, the decision to offer vendor finance will be decided by you as the vendor.
What happens if the purchaser can’t pay?
Sometimes things don’t go according to plan and if that’s the case Turms will manage the whole process. It may be that the purchaser just needs an opportunity to get back on track and we have a range of tools to help them do this including repayment holidays, reduced repayments and strategic advice. Our collections team have years of experience and are the best people to handle complex and delicate situations.
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.
How long are vendor finance terms?
This will be set between yourself, the purchaser and your broker/s. Turms will help tailor this but finance terms usually sit between 6 months and 24 months.
What security does the purchaser provide?
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.
I’m ready to list my business on Turms, how do I do that?
Head to our vendor tab and follow the links!
