Non-bank bridging loan specialist TechLend is offering pre-approval to home buyers in record time.
SYDNEY : Emerging non-bank lender TechLend is offering Australian home buyers pre-approved bridging loans in just one hour, in a move certain to reduce much of the stress from the property buying process.
Courtesy of its proprietary technology, which leverages property data and values to offer bridging loans quickly, the company can now offer conditional approvals within the hour.
“Borrowers fill out a simple five-minute online application and our proprietary technology runs an eligibility calculation for instant conditional approval,” TechLend chief executive Aaron Bassin said.
“You could literally apply for pre-approval on bridging finance on your way to a house inspection or auction and be able to bid with certainty once you get the green light from us,” he said.
“Buying a house is stressful enough. Getting certainty around financing a bridging loan is now one part of the process that consumers don’t have to worry about.
“Our product caters to a wide range of customers from business owners and those who are self employed, to retirees looking to downsize. Our technology is constantly evolving and growing and utilising this, we are committed to providing homeowners with innovative solutions to what is an outdated system.”
Techlend’s unique offering takes the pressure off downsizers and families who often struggle to realise liquidity, due to the archaic and largely manual systems used by the major banks. A recent article by The Australian Financial Review predicted that about 1.6 million people would be looking to downsize over the next five years, based on surveys from National Seniors Australia.
It comes after the company clocked $100 million in bridging loan applications, demonstrating what has been unprecedented demand for it’s product, and as Aussies continue to take advantage of a hot property market, the exponential growth shows no signs of slowing down.
TechLend offers homebuyers interest-free, paperless, bridging loans with pre-approval confirmed within an hour, a revolutionary move that allows homeowners to buy a new home before they sell their existing one.
Earlier this year, TechLend secured $50 million in funding from Silicon Valley venture debt and growth credit fund, Partners for Growth, to turbocharge growth in its home loans business.
The company is the brainchild of former MoneyMe strategy head Aaron Bassin and mortgage broker Nick Jacobs, who launched the company after becoming frustrated with the limitations of traditional home loans.