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Secured loans provider Selina Finance has gained two new funding lines, one with Vanquis Bank and the other with Waterfall Asset Management (WAM).

This move was aimed to enhance Selina’s flexibility in pricing and ability to explore future products, allowing a significant increase in lending volume capacity.

At the same time, Selina updated rates across its product range.

The lender 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 Home Equity Line of Credit (HELOC) product, designed for borrowers who require gradual or flexible funding over time.

The current product range includes Selina’s standard term loan offering with 5-year and 2-year fixed options, no early repayment charge (ERC) products, available up to a maximum loan-to-value (LTV) of 85%.

Over the past 12 months, Selina has invested in streamlining its broker and customer experience, including e-signatures on all offer documents, faster and more automated underwriting processes, and an expanded underwriting team in its Manchester office.

Recently, Selina announced the ability to fund before first charge consent has been received where the loan meets specific criteria.

The lender also strengthened its broker business development manager (BDM) coverage, with Harriet Merriman joining as BDM, taking on responsibility for Selina’s key master broker accounts in the south of England and Wales.

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, said: “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.”

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