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Bridgit specialises in bridging finance: a type of short-term loan used to “bridge” a gap between an immediate funding need and the arrangement of longer-term financing. It’s typically secured against property.
Bridgit said in a statement that the combination of auction clearance rates above 70 per cent and reduced interest rates means buying power and seller confidence are high.
This has resulted in increased demand for bridging finance as borrowers look to buy before they sell to ensure no state of limbo in between properties.
Bridgit’s chief commercial officer Stephen Doyle said he is “thrilled” to join YBR’s panel.
“They bring a high level of expertise and a local network that is growing right across Australia. Their brokers are heavily embedded in their community, with strong local knowledge, supporting Australians across the country,” Doyle said.
“We look forward to working closely with YBR’s network and their clients, providing access to bridging finance at a time when this solution is more popular and important than ever.”
YBR’s head of aggregation Peter Bryant said the partnership is a “perfect fit”.
By offering Bridgit’s specialised products, YBR brokers are provided access to a “powerful tool” to help them cater to the ever-changing nature of Australian borrowers.
“Like us, they are committed to empowering Australians to achieve their property goals with accessible and efficient solutions. This new offering gives our brokers another powerful tool to help clients navigate a competitive market, ensuring they have the flexibility and confidence to secure their next dream home,” Bryant said.
Bridgit’s products are now available to the over 1,000 YBR brokers.
Bridgit has been steadily partnering with other industry heavyweights to help promote and drive its specialised product.
Recently, Aussie unveiled a bridging loan powered by Bridgit, aimed at plugging a gap to cater to a niche borrower segment.
Bridgit also announced a partnership with LMG that leverages tech to boost broker efficiency.
Developed collaboratively, Bridgit by LMG is a bridging solution that includes approvals in 24 hours, no clawbacks, and flexibility.
[Related: Aussie unveils new bridging loan]
