This article was written when Bridgit was known as TechLend, we rebranded in early 2022 to Bridgit.
Six years ago, the concept of buy now, pay later revolutionised the way we consume material items. From fashion and sporting goods to homewares and luxury items, you name it, AfterPay probably offers it. But what about the property market? If we can buy first with every other material object, why not the roof we live under?
For many people, the property market has historically been regarded as complex and challenging waters to navigate. In previous times, it was difficult to know when the best time to buy and sell property was, the most common advice being, “sell first and use the profits to buy later”. Whatever the scenario, you were likely to cross paths with an overwhelming mortgage and months in a temporary living situation. However, modern consumers are more aware of their funding options and recognise the value that bridging finance can bring to the table.
This morning, the Sydney Morning Herald released an article to the world, introducing the game-changing concept of interest-free, paperless mortgage financing, allowing you to buy new property before selling your existing one. A revolution introduced by TechLend.
“TechLend uses property data and credit reporting systems through open banking to offer customers same day pre-approval for bridging loans with a set up cost of 1.99 per cent. It lends up to $3 million for six months, with the loans interest free for the first 90 days.” Sydney Morning Herald, p. 25
By tapping into an area of the property market that traditional lenders steer away from, TechLend is disrupting the slow and inflexible lending market to bring Australian’s faster, fairer, and more simple property finance.
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