Selina Business reports record Q1 with cases and completions more than doubling

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  • 14/04/2022
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Selina Business reports record Q1 with cases and completions more than doubling
Selina Business reported a record quarter of cases and completions with their business credit facility, just under a year after relaunching the product.

According to the lender, case submissions from its broker channel had more than doubled compared to the prior quarter.

It added that it had more than doubled its total for total sum lent compared to the prior quarter but did not disclose specific figures.

Selina Business relaunched its business credit facility product in July, with a focus on limited company lending.

Facilities were secured through second charges on residential properties and went in to growing businesses.

According to the lender, several facilities were focused on refinancing expensive existing loans and Coronavirus Business Interruption Loan Scheme (CBILS) loans outside of the interest-free period.

Selina Business said that around £1.6m worth of deals were completed in the last 24 hours of March. This was split between two facilities, one of which was £871,500, which it said was the largest facility of the quarter.

The loan was for a nursery business, that used the drawdown facility to invest and develop new nurseries over a 24-year term at 75 per cent loan to value (LTV).

Josh White, business lending lead at Selina Finance, said it had seen a record quarter for cases submitted by brokers, deals completed, and had broken its records for largest facility and one day completions.

He said: “Our team and valued introducers have beaten expectations and created a strong base for what we hope will be exponential year-on-year growth for our business credit facility product.”

White said that Selina had seen more business owners wanting to cut the cost of capital after loading themselves with expensive unsecured lending and their CBILS loan started to require repayment.

He said that the lender aims to improve broker and client experience in Q2 by adding more technology to enhance the underwriting process.

Selina Business offers flexible secured lending products to businesses, and was established in 2019.

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