Bridgit hits $1 billion loan book

Bridgit hits $1 billion loan book

Bridgit, a prominent bridging finance specialist, has reached a significant milestone, surpassing $1 billion in its loan book. To mark this achievement, the company is donating $20,000 to mental health charity Beyond Blue, with $10,000 donated directly and a further $10,000 to be matched from staff and broker community donations.

Founded in 2021, Bridgit has experienced rapid growth, financing over $6 billion worth of residential real estate cumulatively. The company currently works with 85% of the broker market and has supported over 10,000 Australian homeowners. Bridgit's average customer credit score is notable, with a figure of 900 attributed to the speed and security of its lending model.

The company's success can be attributed to its strong relationships with the broker community, with panel additions at Specialist Finance Group, Yellow Brick Road, and mortgage aggregator LMG. According to Stephen Doyle, Bridgit's chief commercial officer, the SFG deal "expands our access to a strong and growing broker network across the country." Bridgit 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.

Aaron Bassin, Bridgit's co-founder and CEO, credits the broker channel directly for the milestone, stating, "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." Bassin also notes that the company is "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."

The timing of Bridgit's milestone coincides with a regulatory tailwind for the sector, with APRA exempting owner-occupier bridging loans from its new debt-to-income lending cap on banks. This carve-out is designed to "enable the smooth functioning of property transactions and avoid constraining incentives for the supply of new housing."

According to Stephen Doyle, "Bridging finance has become more normalised because it now better reflects how people actually transact in today’s property market." Doyle notes that "Australians are asset rich but cash poor," and the demand to access and use their property equity is growing.

Aaron Bassin said the pace of growth had exceeded his own expectations. "When I started Bridgit five years ago, I didn't think about something like this happening so quickly," he said.

Bassin said the choice of charity reflected ties within the business and its broker network. "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," Bassin said.