Selina Finance launches new 'flex-affordable' range

Selina Finance launched its flexible secured loans in July and offers second charge business and property investment loans.

The new facility acts like a bridging loan and is aimed at experienced property investors and landlords with at least three units in their portfolios. It can be used to buy a property before longer term funding comes through, to finance the deposit of a new unit or refurbish an existing one.

Selina Finance is targeting turnaround times on its new credit facility of five working days.

The range extends up to 70% LTV and is available to both individuals and limited companies. There is a 1% arrangement fee on the total facility agreed and no early repayment fees. Broker commissions are 2% of the total credit facility provided.

Michael Biemann, managing director of Selina Finance, commented: “This new credit facility combines affordability and flexibility and acts like a hunting licence for savvy property investors and landlords. We have spent much of 2019 speaking to our borrowers on what the market needed and the ‘flex-affordable’ credit line we have created will hopefully go a long way to answer that.

"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.”