The facility is aimed at experienced property investors and landlords with at least three units in their portfolios.
Rates on Selina Finance “flex-affordable” credit facility start from 5.75 per cent with loan terms up to three years. The minimum loan amount will be set at £25,000 and maximum loan amount £400,000.
The company said that the credit facility acts like a bridging loan and provides borrowers with a “simple and low-cost” way to access funds whenever needed, whether as a short-term finance option for buying a property before longer-term funding comes through, to finance the deposit of a new unit or refurbish an existing one.
Selina Finance has targeted turnaround times on its new credit facility of just five working days.
Michael Biemann, managing director of Selina Finance, said: “This new credit facility combines affordability and flexibility and acts like a hunting licence for savvy property investors and landlords.
“In recent months, activity among private landlords has really started to pick up after a tough four years and so the launch of our new product could prove to be very timely. As ever, the full loan application process can be carried out online, which makes for a faster and more seamless application experience for brokers and clients alike.”
Selina Finance’s Property Investment Credit Facility – that will extend up to 70 per cent loan to value (LTV) – is available to both individuals and limited companies. There is a one per cent arrangement fee on the total facility agreed and no early repayment fees. Broker commissions are two per cent of the total credit facility provided.