Bridgit, a prominent Australian fintech company specializing in the niche market of bridging loans, has secured a $125 million debt facility from a leading global bank. This funding will enable Bridgit to support an additional $500 million annually in residential property financing, offering increased flexibility for Australian homeowners who want to purchase new property before selling their existing one.
In addition to this debt facility, Bridgit has successfully completed a $14.6 million Series A capital raise led by OIF. The funds will be used to advance Bridgit’s technology-driven lending platform, enhancing its digital decisioning engine that can provide conditional approvals in as little as four minutes.
Since its launch in 2021, Bridgit has become a trusted non-bank provider of bridging loans, facilitating over $600 million in residential property lending. The new capital has enabled Bridgit to introduce a 12-month loan term and invest further in technology and automation, offering homeowners more options to buy their dream homes on their terms.
The Australian property market poses unique challenges for homeowners transitioning between properties. Record-low vacancy rates in 2023 have made finding short-term rentals increasingly difficult, and the median time to sell a house has risen to 36 days in Q1 2024. This creates a risk of missing new opportunities while waiting for current properties to sell.
Bridgit addresses these challenges by offering same-day residential bridging loans of up to $4 million. This solution allows homeowners to unlock their property equity, providing the financial freedom to buy now and sell later.
“Property is at the core of Australian culture. We take pride in our homes and the equity we have built up, with homeownership being a big part of ‘the Aussie dream’. Homeowners deserve to have more options and flexibility when considering their next steps.”
Aaron Bassin, Bridgit CEO and Co-Founder
The approach of buying now and selling later offers homeowners a solution to seize property opportunities without being stuck in the sell-buy cycle. Bridgit aims to assist homeowners in advancing to their next desired steps by unlocking the equity in their current home, thus eliminating the need to sell first. With the recent funding, Bridgit is reinforcing its commitment to serving as a crucial resource for Australians navigating the property market with assurance and flexibility.
Bridgit is redefining traditional lending with its recent 90% year-on-year growth. With a focus on technological innovation and a commitment to exceeding customer expectations, the $125 million facility positions Bridgit as the leading solution for bridging finance in Australia’s dynamic property market.
