Selina Finance has agreed two new lines of funding with Vanquis Bank and Waterfall Asset Management.

The secured loan provider said the new funds will enhance its flexibility in pricing as well as allow a significant increase in its lending volume capacity.

Since its establishment in 2019, Selina has expanded its product offering beyond its flagship home equity line of credit (HELOC) product, which was introduced in 2021 and designed for borrowers who require gradual or flexible funding over time.

The firm’s current product range includes a standard term loan offering with two and five-year fixed options, available up to a maximum loan-to-value of 85%.

Alongside the new funding announcement, Selina has also updated rates across its product range and is switching credit bureaus from Experian to Equifax, as part of a move it hopes can facilitate further automation of decisioning and underwriting.

“I’m delighted to announce the transition of our funding structure and the reduction of our second charge mortgage rates,” said VP growth at Selina Finance, Darvish Heshejin. “We’re more confident than ever with our product, service and technology proposition and look forward to growing with our partners in 2024.”

Waterfall Asset Management managing director, James Cuby, said: “We’re absolutely thrilled to announce our new partnership with Selina, in its effort to empower UK homeowners with low-cost, tailor-made loans.”

CEO at Vanquis Banking Group, Ian McLaughlin, added: “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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