Selina Finance partners with Pure Law on second charges
Selina Finance has teamed up with Pure Law to complete its overdraft style with second charge.
The partnership with Pure Law is designed to help Selina close cases within hours of receiving the binding offer, reduce turnaround times and give customers faster access to funds.
Selina Finance offers pre-approved credit facilities ranging from Â£ 25,000 to Â£ 1 million that allow borrowers to draw and repay funds at any time without incurring additional fees or penalties and only paying interest on the outstanding balance.
New business value of the second load increased by 154%
After the first five years, the outstanding balance of the revolving credit facility becomes 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 (HELOC) that can serve consumers with gradual financing needs as well as lump sum financing needs.
John Symns, CEO of Pure Law, said: âWe are very excited to be working with Selina Finance.
âIt was a pleasure to work with their employees when we reached this agreement, and we look forward to seeing more business from such a technology-minded and forward-thinking lender.
“We are convinced that you will be a big player in the secondary charging market for many years to come.”
Andy Pelley, Director of The Loan Partnership, added, âI was delighted to hear the news that Selina is working with Pure Law to complete her second loan mortgage.
âI have been working with John Symns with various credit providers for 30 years. Having your speed, motivation and decades of experience with second-charge mortgages on board is a big plus for us and our customers. “
Darvish Heshejin, VP Growth at Selina Finance, said, âPure Law is a turning point for Selina in terms of our ability to close quickly and efficiently.
“Working with a company that shares our ethos of putting the customer first has significantly improved our offering.”