Selina Finance is working with Pure Law to deliver completions on its overdraft-style second charge lending facilities.
The partnership with Pure Law is designed to help Selina complete on loan cases within hours of receipt of the binding offer, reducing turnaround times and enabling customers to access funds more quickly.
Selina Finance offers pre-approved credit facilities from £25k to £1m where borrowers can draw and repay funds whenever they choose, without incurring additional fees or penalties and only paying interest on the amount that is outstanding. After the first five years, the outstanding balance on the revolving credit facility reverts to a traditional second or third charge for the remaining term.
Selina’s product can be used as both a term loan and a ‘home equity line of credit’ (a ‘HELOC’), which can serve consumers with gradual funding needs (e.g. private school fees, large home renovations) as well as lump-sum funding needs.
John Symns, CEO at Pure Law, said: “We are delighted to be working with Selina Finance. It’s been a pleasure dealing with their people as we set this agreement up and we’re delighted to welcome further business from such a technology led and forward thinking lender. We are convinced they will be a big player in the second charge market for many years to come.”
Darvish Heshejin, VP growth at Selina Finance, added: “Pure Law is a game-changer for Selina in terms of our ability to complete with speed and efficiency. Working with a firm that shares our ethos on putting the customer first has enhanced our proposition significantly.”
