Bridgit, a specialized non-bank lender focusing on bridging loans, has officially launched its Single Security Bridging Loan, aimed at providing customers with flexibility and options for their upcoming property purchases. This loan is designed to enable customers to acquire alternative properties before selling their existing ones, such as retirement homes, community homes, or vacant land. It also assists customers by contributing towards a property purchase, such as a deposit.
The Single Security Bridging Loan offers customers the advantage of purchasing now and selling later, while securing the loan only against the equity in the property being sold. This provides borrowers with increased flexibility.
According to Aaron Bassin, CEO of Bridgit, “The Single Security Bridging Loan is a solution that allows customers to buy before they sell, providing them with the flexibility they need for their next property purchase. At Bridgit, our aim is to offer more Australians the opportunity to achieve their property goals. We recognize that traditional bridging loans may not suit all borrowers, which is why we have tailored this loan to meet the unique needs of our customer base.”
In addition to its distinctive features, Bridgit now provides workshopping calls with their partners, offering an instant scenario quote. This enables partners to gain a better understanding of how the loan can fulfill their clients’ specific requirements and receive a quote immediately.
Stephen Doyle, Head of Distribution, stated, “Our workshopping calls provide a valuable opportunity for our partners to quickly comprehend how our Bridging Loan can effectively meet their clients’ needs. We strive to simplify and streamline the loan process for our partners and customers, and these workshopping calls represent a new way for us to achieve that goal.”
The Single Security Bridging Loan shares the same features as Bridgit’s standard bridging loan. These include 24-hour approvals, no monthly repayments, a 3-month interest-free period, and loan amounts ranging from $300K to $4M. Moreover, existing mortgages can be refinanced into the Bridgit loan, eliminating the necessity for dual mortgages.