Clever Lending has partnered with Selina Finance to offer a product which provides customers with secured and flexible overdraft-style finance.
Selina Finance’s Home FlexiLoan provides borrowers with a line of credit ranging from £25k to £1m secured against their property. This then allows borrowers to draw down funds in stages, up to their agreed credit limit, giving them the flexibility to only draw funds they need, when they need it.
It also allows them to repay the borrowed funds whenever they like with no early repayment charges.
Paul Day (pictured), director of business development at Clever Lending, said: “I’m really excited about this and delighted to be working such a forward-thinking and innovative lender. We’re also privileged to be one a small number of specialist distributors that brokers can use to access Selina Finance products.
“The new products aren’t available directly to brokers, or through any network or club partnership, so if advisers have any clients who they think would benefit from this product, Clever Lending is more than happy to assist.”
The Home FlexiLoan works by only charging interest on the amount borrowed. Whatever remains outstanding on the 5th anniversary would then be converted into a full-term mortgage.
Day added: “This is such a fantastic and exciting offering, which can be applied to many different scenarios. The ability to use equity within properties is nothing new – but having a pre-approved facility ready to use as and when borrowers wish – with speed – makes complete sense.”
Darvish Heshejin, VP of growth at Selina Finance, said: “We’re excited to be broadening our distribution panel to include Clever Lending. Paul and his team have shown great levels of understanding and enthusiasm towards our Home FlexiLoan offering, and we’re thrilled to be working with them.”