- TechLend was only launched two months ago
- Offers a unique bridging loan product with same day approval
Two-month-old non-bank lender TechLend has already reached the $100 million in ‘bridging loans’, whereby people can buy before selling a property.
The company was founded by former MoneyMe head of strategy Aaron Bassin and mortgage broker Nick Jacobs after being frustrated with the limitation of traditional home loans.
“Lockdowns are seemingly having no effect on the current housing boom as virtual inspections and auctions become widely accepted,” Mr Bassin said.
“We are seeing borrowers capitalise by purchasing new property before selling their existing one and avoid months in temporary living situations and overwhelming mortgages.”
Aaron Bassi, co-founder
With Australians looking to relocate, TechLend has witnessed unprecedented demand for its bridging loan product, which offers homebuyers interest-free, paperless, bridging loans with same-day pre-approval.
The set-up cost starts from 1.99% for the first three months with property buyers now able to utilise bridging loans of up to $3 million for six months, with no repayment required until maturity or earlier when the property sells.
“It’s a solution fit for all homeowners, including those who may not meet the strict lending criteria required by the major banks,” added Mr Bassin.
Earlier this year, Techlend secured $50 million in Silicon Valley funding from Partners for Growth, a venture debt and growth credit fund.