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Bridgit by LMG is the latest bridging solution developed by the two organisations. Features of the partnered release include approvals in 24 hours, no clawbacks, and flexibility.
The loans include 12-month terms and LVRs of up to 80 per cent, including end debt. Borrowers can make no monthly repayments, and there are low-doc options available.
Bridgit’s proposition is about servicing borrowers looking to “bridge the gap” with short-term finance.
LMG brokers are able to access Bridgit by LMG right now.
The partnership with LMG will allow access to its broker network, while Bridgit provides its cutting-edge technology and bridging solutions.
According to LMG, there are plans to integrate Bridgit’s platform into the aggregator’s CRM to reduce “double handling and creating a faster, more seamless path to approval for brokers and their clients.”
The need for quick bridging loans is as important as ever, said Bridgit, with over half (52 per cent) of Australians forced to find temporary living arrangements when purchasing a property, and one-third miss out on purchases due to slow approvals.
Bridgit by LMG caters to upsizers, downsizers, and investors who require quick turnarounds and broker support.
LMG executive director and CEO Ewan Stafford said the partnership “makes sense” as 67 per cent of LMG brokers are already accredited with Bridgit, and there has been a 15 per cent rise in settled loans over the last year.
He added that bridging loans are no longer a niche and are essential for the modern borrower.
Bridgit joined LMG’s panel back in September 2022 and was the aggregator’s first tech-driven bridging loan solution on its lender panel.
