The "buy now, sell later" product provides customers with the flexibility to make their next property purchase
Bridgit, a tech-driven non-bank lender specialising in bridging loans, has officially launched its Single Security Bridging Loan.
Bridgit’s new offering aimed to provide customers with flexibility and options for their next property purchase. Borrowers can use the loan to buy alternate properties before selling the existing property, such as retirement homes, community homes, or vacant land, as well as helping with a contribution towards a property purchase, like a deposit.
The Single Security Bridging Loan enables customers to enjoy the benefits of buying now and selling later, while only securing the loan against the equity in the single property being sold, providing them with more flexibility.
“The Single Security Bridging Loan is a ‘buy now, sell later’ solution that provides customers with the flexibility they need to make their next property purchase,” said Aaron Bassin (pictured above left), CEO of Bridgit.
“Our goal at Bridgit is to provide more Australians with the option to buy before they sell, and we understand that traditional bridging loans may not be suitable for all borrowers, that's why we've designed this loan to meet the unique needs of our customer base.”
In addition to the loan’s unique features, Bridgit said it is also now offering workshopping calls with their partners for an instant scenario quote. This enables partners to better understand how the loan can work for their clients’ specific needs and receive a quote instantly.
“Our workshopping calls are a unique opportunity for our partners to get a better understanding of how our Bridging Loan can work for their clients quickly,” said Stephen Doyle (pictured above right), head of distribution. "Our goal is to make the loan process simple and stress-free for our partners and customers, our workshopping calls is a new way we can do that."
The Single Security Bridging Loan shares similar features with Bridgit’s standard bridging loan, including approvals in 24 hours, no monthly repayments, three months interest-free, and loan amounts ranging from $300k to $4m. Additionally, existing mortgages are refinanced into the Bridgit loan, avoiding the need for double mortgages.
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