Selina Finance obtains funding and cuts rates

The lender said this would allow it to potentially launch new product types and would boost its lending capacity. 

Wider strategy changes 

As well as the new funding facilities, the lender has appointed Harriet Merriman as business development manager (BDM) to enhance its broker support. She will be responsible for the lender’s key master broker accounts across the South of England and Wales. Merriman joined from Central Trust, where she was for six years, most recently as southern BDM. 

The lender has also reduced rates across its range and changed its credit bureau from Experian to Equifax, which it said would enable it to automate decisioning and underwriting. 

Selina Finance offers a home equity line of credit (HELOC) product that sits alongside a borrower’s existing mortgage over a two- or five-year period. This is available up to 85 per cent loan to value (LTV). 

The lender has been revising its proposition in recent months, including the introduction of pre-consent funding on its second charge mortgages. This is available on loans of up to £100,000 where the first charge loan is taken out with a specified lender. 

Darvish Heshejin, VP of 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 WAM, 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.”