Lender set to update loan rates
Secured loan provider Selina Finance has received new funding lines with Vanquis Bank and Waterfall Asset Management, enhancing its lending capabilities and product pricing flexibility.
With the funding, the lender has revealed plans to update its loan rates and transition from using Experian to Equifax for credit assessments to standardise its practices and improve the automation of its decision-making and underwriting processes.
Established in 2019, Selina has diversified its offerings to include a range of loan products, including the Home Equity Line of Credit (HELOC), as well as standard term loans with options for five-year and two-year fixed rates. These products, which come with no early repayment charges, are available up to an 85% loan-to-value ratio.
Over the last year, Selina has focused on enhancing the broker and customer experience, integrating e-signatures, improving its underwriting processes, and expanding its team in Manchester. A notable service improvement includes the ability to proceed with funding before receiving first charge consent under specific conditions.
“I’m delighted to announce the transition of our funding structure and the reduction of our second charge mortgage rates,” said Darvish Heshejin (pictured), vice president of growth at Selina Finance. “We’re more confident than ever with our product, service and technology proposition, and look forward to growing with our partners in 2024.”
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