Aussie bridging loans provider Bridgit raises $125m debt facility and closes $14.6m Series A capital raise

Aussie bridging loans provider Bridgit raises $125m debt facility and closes $14.6m Series A capital raise

Bridgit, a leading Aussie fintech company specialising in the highly underserved mortgage category of bridging loans, has raised a $125 million debt facility led by one of the largest global banks, which will support an additional $500 million annually in residential property finance. The new funding will unlock greater flexibility for Aussie homeowners looking to make their next property move, with a financing solution empowering them to buy before they sell their existing.

This comes as Bridgit also announces the completion of $14.6 million Series A capital raise led by OIF. Bridgit is using the funding to accelerate the next evolution of its tech-driven lending platform, further enhancing its industry-leading digital decisioning engine capable of providing conditional approvals in as little as four minutes.

Since launching in 2021, Bridgit has established itself as a trusted non-bank bridging loan solution, facilitating lending for over $600 million in residential property. This new capital injection has allowed Bridgit to introduce a new 12-month loan term alongside investment in technology and automation. This will fuel further growth, providing homeowners with even more options to buy their dream home on their terms.

The Australian property market presents unique challenges for homeowners seeking to move between properties. Vacancy rates reached record lows in 2023, making finding suitable short-term rentals increasingly difficult. Additionally, the median time for houses to sell has risen to 36 days in Q1 2024, creating a scenario where homeowners risk missing out on new opportunities while their current property remains on the market.

Bridgit addresses these challenges by offering same-day residential bridging loans of up to $4 million. This innovative 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,” said Bridgit CEO and Co-Founder Aaron Bassin.

“Buying now, selling later gives homeowners a way to jump on property opportunities without getting caught in the sell-buy limbo. We set out to help homeowners take their desired next steps, without the inconvenience of selling first, by ultimately unlocking the equity tied up in their current home. With the new funding, we are doubling down on our mission of being a vital resource for Aussies seeking to navigate the property market with confidence.”

Bridgit is leading the charge in challenging the traditional lending approach recording recent growth of 90% year-on-year. With a focus on technological innovation and a dedication to exceeding customer expectations, this $125 million facility positions Bridgit to become the go-to solution for bridging finance in the ever-evolving Australian property landscape.