"I'm delighted to announce the transition of our funding structure and the reduction of our second charge mortgage rates. "
- Darvish Heshejin, VP of growth at Selina Finance, said:
Selina Finance has secured two new funding lines, one with Vanquis Bank and the other with Waterfall Asset Management.
Selina says the new funding enhances its flexibility in pricing and allows it to explore future products due to a significant increase in lending volume capacity.
With this funding announcement, Selina is updating rates across its second charge product range. Selina is also switching credit bureaus from Experian to Equifax to facilitate further automation of decisioning and underwriting.
The lender is also strengthening its broker BDM coverage with Harriet Merriman joining as business development manager, taking on responsibility for Selina's key master broker accounts in the south of England and Wales. Harriet spent the last six years at secured lender Central Trust in various roles, most recently as their southern BDM.
Since its establishment in 2019, Selina has expanded its product offerings beyond its flagship Home Equity Line of Credit (HELOC) product, introduced in 2021 and designed for borrowers who require gradual or flexible funding over time (e.g. for large-scale home improvements or school fees). The current product range includes Selina’s standard term loan offering with two and five-year fixed options and no ERC products, available up to a maximum loan-to-value of 85%.
Over the past 12 months, Selina has invested in streamlining its broker and customer experience, including e-signatures on all offer documents, faster and more automated underwriting processes, and an expanded underwriting team in its Manchester office.
Recently, Selina announced the ability to fund before first charge consent has been received where the loan meets specific criteria. The lender currently offers SLAs of around three hours for new packs from brokers, with e-signatures and the availability of AVM valuations up to 85%, enabling application turnaround to completion periods of days.
Darvish Heshejin, VP of growth at Selina Finance, said: “I'm delighted to announce the transition of our funding structure and the reduction of our second charge mortgage rates. We're more confident than ever with our product, service and technology proposition and look forward to growing with our partners in 2024.”
