The news: Startup mortgage lender Bridgit has raised a $125 million debt facility led a global bank, which will also support an additional $500 million per year in residential property finance.
The numbers: The raise follows the completion of a $14.6 million Series A raise led by early-stage investor OIF Ventures.
Founded in 2021, Bridgit has raised over $240 million in capital and supported lending for more than $700 million in residential property.
The Sydney-based startup offers same-day residential bridging loans of up to $4 million, allowing homeowners to “buy now and sell later”.
The context: Bridgit said it will use the new funding to accelerate the next stage of its tech-driven lending platform, which provides bridging loads via a 24-hour application and approval process, and an initial interest-free period.
However, Bridgit did not disclose which global bank led the raise.
The company aims to support homeowners access their property equity and secure their next home before selling their existing property.
What they said: Bridgit CEO and co-founder Aaron Bassin said: “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,” he said. “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.”
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