This article describes a new charged-particle track fitting algorithm designed for use in high-speed electronics applications such as hardware-based triggers in high-energy physics experiments. Following a novel technique designed for fast electronics, the positions of the hits on the detector are transformed before being passed to a linearized track parameter fit. This transformation results in fitted track parameters with a very linear dependence on the hit positions. The approach is demonstrated in a representative detector geometry based on the CMS detector at the Large Hadron Collider. The fit is implemented in FPGA chips and optimized for track fitting throughput and obtains excellent track parameter performance. Such an algorithm is potentially useful in any high-speed track-fitting application.