The lender has also seen a twofold increase in the total number of business credit facility case submissions from its broker channel compared to Q4 2021.

All loans were provided to growing businesses, some of which were used to refinance existing facilities — particularly unsecured finance and CBILS loans which were outside of the interest-free period.

The largest deal of the quarter was a £871,500 loan — agreed at 75% LTV over a 24-year term — for a nursery business, which required funds to invest and develop new nurseries.

Selina Business relaunched its business credit facility product in July 2021, with an increased focus on limited company lending.

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Josh White, business lending lead at Selina Business (pictured above), said: “We have seen a record quarter for cases submitted by our brokers and broken both our records for largest facility and one-day completions. 

“Our team and valued introducers have beaten expectations this quarter and created a strong base for what we hope will be exponential year-on-year growth for our business credit facility product.

“We have seen more business owners wanting to reduce their cost of capital after loading themselves with expensive unsecured finance and seeing their CBILS loans starting to require repayment.

“Our focus in Q2 will be to improve broker and client experience through introducing more technology to speed up our underwriting processes even further.”