Selina Finance is now allowing loans to be funded without receiving first charge consent as a pre-condition.
This new ‘pre-consent funding’ feature is designed to expedite the time taken to fund loans and is part of a series of changes the lender has made over the last year to improve speed.
Brokers can now assist their clients in accessing funding even faster through Selina by up to two weeks, speeding up the completion of time-sensitive cases.
Pre-consent funding is available on loans up to £100k where the first charge loan is with one of the following lenders: Halifax, NatWest, Santander, Nationwide, Skipton Building Society, Barclays, Coventry Building Society, Leeds Building Society, HSBC, Birmingham Midshires, Clydesdale, Accord Mortgages, Lloyds Bank, Royal Bank of Scotland, Yorkshire Building Society, Bank of Scotland, TSB and Virgin Money.
The service is available on status 0 plans only, where the credit file is dated within the last 30 days. Before submitting a full application, brokers can opt for pre-consent funding directly from the broker portal.
The launch of pre-consent funding is the latest process enhancement launched by Selina Finance this year, including e-signatures on Offer documents to enable same-day funding, a new digital debt consolidation form and a submission checklist with complete packaging requirements.
Stacey Woods (pictured), head of intermediary sales at Selina Finance, said: “Pre-consent funding is an excellent solution for time-sensitive cases, particularly debt consolidation, where it can allow the customer to complete the loan faster before incurring monthly payments on expensive items of credit items.
“We’re proud of the improvements we’ve made to our proposition this year, and we’re turning around cases faster than ever. Pre-consent funding alongside e-signatures on offer docs will get us closer to our vision of completing most loans on the same day of offer.”
Joe Defries, managing director at The Loan Partnership, added: “Selina’s innovative tech developments and commitment to staying at the forefront of the industry are truly impressive. Kudos to them for their common-sense approach in this aspect of their criteria. It’s refreshing to work with a company that values practicality and pragmatism.
“Their approach not only simplifies processes but also enhances the overall customer experience. We appreciate their thoughtful perspective which will undoubtedly contribute to their continued success.”
