Half a decade of growth pays off for prominent bridging finance specialist
Bridging finance specialist Bridgit has passed $1 billion in cumulative loans, a milestone the Sydney-based non-bank lender marked on Monday by committing up to $20,000 to mental health charity Beyond Blue.
The company will donate $10,000 directly and match employee and broker community donations dollar-for-dollar up to a combined $20,000, with contributions accepted via Bridgit's donation page.
The billion-dollar milestone caps five years of growth for Bridgit, which launched in 2021 and now works with 85% of the broker market, according to the company, financing more than $6 billion worth of residential real estate.
“When I started Bridgit five years ago, I didn’t think about something like this happening so quickly,” said Aaron Bassin (pictured), Bridgit’s co-founder and chief executive. “We are redefining an industry that was stuck in the past, with a business that is dedicated to helping people buy now and sell later using technology to get them there faster.
“What we’ve achieved in the last five years is proof that we are changing the way that Australia utilises their property equity.”
On the Beyond Blue donation, Bassin said: “With a milestone like this, I believe that for any business it’s important to give back to the community. Beyond Blue is a charity close to many of us at Bridgit and to the broker community so it was a no brainer that this was who we supported first.”
Bridging demand surges
Bridging finance as a whole has seen a surge in popularity in Australia.
Alongside Bridgit’s success, Clinch under chief executive James Green has reported "astronomical" loan book growth in its first nine months. Clinch is targeting retirees and downsizers with terms of up to 18 months.
Brighten, meanwhile, has expanded access through its Bright Connect white-label product with numerous aggregator partners, including AFG and Connective. Other non-bank lenders including MA Money have also expanded into the bridging space amid soaring demand from brokers and their clients.
“Bridging finance has become more normalised because it now better reflects how people actually transact in today’s property market,” Bridgit’s chief commercial officer Stephen Doyle told MPA earlier this year. “Australians are asset rich but cash poor. This is true for a large demographic of Australians, not just retirees, and the demand to access and use their property equity is growing.”
Broker partnerships fuel loan book growth
Bridgit's path to $1 billion has been built largely through the broker channel, with panel and white-label agreements across major aggregation groups, including a co-branded product with LMG and Connective Bridge, developed with Connective Home Loans.
The lender has also joined the panels of Mortgage Choice and Yellow Brick Road, and recently extended high loan-to-value ratio bridging loans to SFG aggregation members. It has extended its maximum loan term from 12 to 24 months and lifted its loan ceiling to $10 million.
“We could not have done this without the support of the broker community, our customers, and most importantly the Bridgit team who have worked so hard,” said Bassin.
