Selina Finance has secured two new funding lines, one with Vanquis Bank and the other with Waterfall Asset Management (WAM).
The new lines improve Selina’s flexibility in pricing and ability to explore future products and allows a significant increase in lending volume capacity.
With this funding announcement, Selina is updating rates across its product range. Selina is also switching credit bureaus from Experian to Equifax, a shift designed to align with market standards and facilitate further automation of decisioning and underwriting.
Since its establishment in 2019, Selina has expanded its product offerings beyond its flagship HELOC (“Home Equity Line of Credit”) 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 five-year and two-year fixed options, no ERC products, available up to a maximum loan to value (LTV) of 85%.
The lender is also strengthening its broker business development manager (BDM) coverage with Harriet Merriman joining Selina as BDM, taking on responsibility for Selina’s key master broker accounts in the south of England and Wales. She spent the last six years at secured lender Central Trust in various roles, most recently as its southern BDM.
Darvish Heshejin, VP 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.”
James Cuby, managing director at Waterfall Asset Management, added: “We’re absolutely thrilled to announce our new partnership with Selina, in their effort to empower UK homeowners with low-cost, tailor-made loans.”
Ian McLaughlin, CEO at Vanquis Banking Group, said: “We’re delighted to have entered a funding partnership with Selina that offers innovative consumer-secured loans, as we continue to develop our own secured lending ambitions in markets less served by mainstream banks.”