Fintech non-bank lender Bridgit secures $250 million facility with Citi

This article was written by The AFR. Read the full story here.

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Fintech non-bank lender Bridgit has secured a $250 million facility with Citi as its funder, which its founder says will help it double the size of the bridging loans it offers homebuyers to $8 million, as artificial intelligence dramatically reduces approval times down to just minutes.

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The start-up provides bridging loans, with shorter terms and higher interest rates than regular mortgages, which are usually taken out by people keen to buy a new home before their existing property has sold.

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The company, previously known as TechLend, raised venture debt from Silicon Valley-based fund Partners for Growth in 2021 and equity investment from OIF Ventures and Perennial Partners a year later. This facility is intended to fund the loans.

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Bridgit chief executive Aaron Bassin said the company was filling gaps in the market left by the big banks, and was profitable. It has been particularly popular with property downsizers and claims to have funded more than $1 billion in property transactions since it was launched in 2021.

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“This facility we have secured with Citi is really the first of its kind in Australia for bridging finance,” Mr Bassin said. “It is purely a debt securitisation vehicle that allows us to write new business in Australia, which is backed by residential mortgages ... We are also preparing for some future capital market transactions on the equity side.”

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Citi is the senior funder of the facility, with its limit set at $178.5 million.

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He said Bridgit’s average loan size was $1 million, with an average term of three months, but that it could run for as long as 12 months.

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While most mortgages currently have an interest rate of 6 to 7 per cent, the rate on Bridgit’s loans is 8.5 per cent.

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Mr Bassin said the demand for bridging finance in the first quarter of the 2025 financial year was up 360 per cent compared with 2023-24, thanks to the strong take-up by brokers. He said the AI engine built by the company’s techies could assess much more data than was previously possible when approving loans, and that the company has never had a customer default.

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“There are thousands upon thousands of data points that we look at. We look at granular postcode demographic information, and individual property data,” he said.

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“Just on any house these days, there are thousands of historical transactions and data points that we can consume, and it all goes into our models to allow better decisions.

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“Whereas banks take 21 days before they pick up an application, we are offering same-day approvals, with our fastest in three minutes.”

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Ready to Make Your Next Move?

If you’re looking to buy a new property before selling your current one, Bridgit’s bridging loans offer the speed, convenience, and flexibility to help you take that next step confidently. 

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Apply today and move forward with peace of mind.