Brightstar Financial has joined up with Selina Finance to provide semi-exclusive distribution of the lender’s overdraft-style lending facilities.
Selina Finance offers pre-approved credit facilities from £25k to £1m where borrowers can draw and repay funds whenever they choose, without incurring additional fees or penalties and only paying interest on the amount that is outstanding.
After the first five years, the outstanding balance on the revolving credit facility reverts to a traditional second or third charge for the remaining term.
The new products from Selina Finance are not available direct to brokers, or through any network or club partnerships. However, brokers can access the proposition through Brightstar Financial and can arrange a dedicated one-to-one Zoom session with the specialist distributor to find out more about the lender’s credit facilities and how they could help their clients.
Michelle Westley (pictured), head of marketing at Brightstar Financial, said: “There are so many circumstances where clients could benefit from a lending facility like the one provided by Selina Finance. It might make sense for customers who are carrying out major home improvements, for example, and don’t want to draw down all of the money upfront. It could be used by property investors who want to make use of the capital to leverage and grow their portfolios. Or it could simply provide a fast and flexible way to finance life events like school fees or a large family wedding.
“It’s a really interesting proposition that can provide brokers with an incredibly useful tool in meeting the funding requirements of their clients and we’re delighted to be one of the few distributors to provide access to the broker community. Any broker who wants to learn more should get in touch with Brightstar to arrange a dedicated Zoom session about how Selina Finance could help their clients.”
Gary Lomax, business development manager at Selina Finance, added: “We are really pleased to be working with Brightstar to distribute our unique proposition. Our pre-approved credit facilities can change the way brokers think about meeting the funding requirements of their clients, providing flexible, transparent and affordable solutions.”