Digital secured lender, Selina Finance, recently appointed to the FIBA panel, has launched its flexible loan product today with a pledge to brokers to cut the length of the typical secured loan completion time in half.
Selina Finance has also promised to provide smaller secured loans in two working days and for the full loan application can be carried out online.
Rates start from 4.95%, with indicative rates available to borrowers within two hours of completing the lender’s Get-A-Rate form and final offers within 24 hours.
Michael Biemann, managing director, Selina Finance, said: “Brokers are the lifeblood of the secured loans industry, whether for business or property investment reasons, and we look forward to building active partnerships with as many as possible in the weeks and months ahead.
“Our goal as a lender is to introduce a level of flexibility and speed that is unrivalled in the market and that offers brokers a completely fresh mode of finance for their clients.
“We feel the kind of finance we are offering is a perfect solution to create instant liquidity out of equity, whether for business or property investment reasons.”
In the weeks ahead, borrowers will also be able to go into their personal dashboard to effortlessly adapt their repayment schedule, for example to extend the loan contract or, as the loans are structured as a credit line, make extra withdrawals.
Broker commissions are 3.5%, 2% at loan disbursement and 1.5% after 18 months.
In recent weeks Selina Finance has completed an application from USA Summer Camp for a £250,00 loan in just 10 working days. The loan is being used by the leading summer camp brand for a management buy out.
Kier Bates, executive director, USA Summer Camp, added: “We were amazed at how quickly Selina Finance completed our application. A lot of companies say they are fast but rarely live up to that. Selina Finance did.
“The whole process was seamless, digital and highly professional, and we would recommend them to any business seeking access to capital fast. If we need to, we’ll definitely be using them again in the future.”