Non-bank lender Bridgit has teamed up with Loan Market, one the largest retail mortgage brokerages in Australia, to become the first tech-driven bridging loan solution on its lender panel.
Bridgit, which launched in mid-2021, has processed more than $1billion in loan applications and financed over $250million in Australian residential property.
Mortgage broker Nick Jacobs and capital markets guru Aaron Bassin founded Bridgit after identifying that customers were missing out on their next property due to traditional slow and manual finance processes for property loans. It offers an online loan application, 24-hour approval and three-month interest-free period.
Bridgit CEO and cofounder, Aaron Bassin, says that aligning with one of the biggest aggregators in the space it can help more Australians access better property finance.
“Our focus is always on putting the customer first and Loan Market shares the same value. We look forward to not only working with Loan Market, but also their high-quality network of brokers,” says Bassin.
The new partnership brings Loan Market Australia’s panel to a total of 65 lenders, and fills the gap for brokers to provide clients with a bridging loan solution. Loan Market supports a network of over 650 brokers across Australia and New Zealand with a further 850 brokers trading under their own brand.
Loan Market managing director Andrea McNaughton comments: “Our brokers recognise the quality of our lender panel which delivers both more choice and targeted solutions for their customers’ individual needs. Bridgit adds to our extensive offering as demand for quick and convenient bridging finance solution grows in the marketplace.”
Loan Market was recently named Major Aggregator of the Year at the 2022 Australian Broking Awards. While Bridgit was also named as a finalist in the 2022 Finnies Award for Emerging Fintech Organisation of the Year.