Digital secured lender, Selina Finance has launched its flexible loan product with a promise to brokers to cut the length of the typical secured loan completion time in half.
It recently completed an application from USA Summer Camp for a £250,00 loan in 10 working days. The loan is being used by the summer camp brand for a management buy out (MBO).
Rates start from 4.95% with indicative rates available to borrowers within two hours of completing the lender’s ‘Get-A-Rate’ form — and final offers within 24 hours.
The full loan application process can be carried out online.
Borrowers will also be able to go into their personal dashboard to adapt their repayment schedule; for example, to extend the loan contract or (as the loans are structured as a credit line) make extra withdrawals.
Broker commissions are 3.5% (2% at loan disbursement and 1.5% after 18 months).
Michael Biemann, managing director of Selina Finance, said: “Brokers are the lifeblood of the secured loans industry, whether for business or property investment reasons, and we look forward to building active partnerships with as many as possible in the weeks and months ahead.
“Our goal as a lender is to introduce a level of flexibility and speed that is unrivalled in the market and that offers brokers a completely fresh mode of finance for their clients. We feel the kind of finance we are offering is a perfect solution to create instant liquidity out of equity, whether for business or property investment reasons.”
Kier Bates, executive director of USA Summer Camp, added: “We were amazed at how quickly Selina Finance completed our application. A lot of companies say they are fast but rarely live up to that. Selina Finance did.
“The whole process was seamless, digital and highly professional, and we would recommend them to any business seeking access to capital fast. If we need to, we’ll definitely be using them again in the future.”