A non-bank lender is leveraging property data and values technology to now offer conditional approvals for buy now, pay later (BNPL) style bridging loans in less than 60 minutes.
TechLend, which has previously been touted as “Afterpay for home loans”, said the new feature of its bridging loan product had been made possible thanks to proprietary technology.
That technology allows them to offer bridging loans based on conditional approvals within the hour through the use of property data and values.
“Borrowers fill out a simple five-minute online application, and our proprietary technology runs an eligibility calculation for instant conditional approval,” explained TechLend chief executive Aaron Bassin.
He added: “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.
TechLend believes their “unique offering” can take the pressure off downsizers and families who may be struggling to realise liquidity – something it blames on “the archaic and largely manual systems used by the major banks”.
To date, TechLend has clocked over more than $100 million in bridging loan applications.
The business has also secured $50 million in funding from a Silicon Valley venture debt and growth credit fund, as it looks to turbocharge its future growth.