Balancing mortgages while trying to purchase a new property and sell your existing can be a stressful ordeal. In the ideal world, you pick your keys up for your new property on the same day you settle on your existing, however, life doesn’t always go as planned.
The traditional solution to this was big banks developing a product – bridging finance. However, in adopting a one-size fits all approach, the problem was far from solved, and this unequal access to finance has served as a breeding ground for market disruption. Retirees, downsizers, upsizers, and self-employed borrowers (to name a few) were not and are still not catered for in this rigid lending structure, and so, TechLend emerged bringing innovative and inclusive solutions to the market.
Finding yourself in a position where traditional lenders will not service your loan is not uncommon. Major traditional lenders often associate the phrases “you may be better off asking for an extended settlement period or selling your existing home first” and “if you don’t sell your home in the agreed period, we may get involved to sell the property” with bridging finance, quite literally deterring potential customers away from their product – simply because they are not interested in servicing such a short term loan.
TechLend was built to bridge this gap. Here are the top 3 reasons why a bridging loan with us might be a good option for you:
- Bank approval is taking too long
If you have found the perfect property and are still waiting on mortgage approval from the bank, a bridging loan is a great solution. Existing delays in loan approvals from traditional lenders could set you back up to 60 working days, meaning your settlement will be at risk of falling through. TechLend’s proprietary technology works to deliver you same-day pre-approval and funds in as little as 48 hours.
- Find the perfect property before you sell
The concept of buy now, pay later has revolutionised the way we consume material items, but what about the property market? TechLend was established to offer homeowners a simple solution that lets them buy a new property before selling the existing with an INTEREST-FREE period of 3 months, giving borrowers the opportunity to buy and sell on their own terms.
An attractive aspect of the downsizer market is the ability to pay off their loans right away. This can be a huge pain point for banks, as these homeowners will not have any debt left over after buying property, making them less lucrative in an industry where profits come from interest rates on lending agreements with long terms (years). Unlike these mainstream lenders, TechLend allows you to pay off your bridging loan straight away (with no interest if you sell within 3 months), which can be particularly useful when downsizing.
Here at TechLend, we are a firm believer in transparency. We go to great lengths to ensure we can provide you with the best property finance solution to help you buy your dream property, however, we also promise to make sure we never service a loan that is not perfectly suited to our lending criteria. This means, our customers will never find themselves in a difficult position with a loan that is not right for them.