Selina Finance launches enhanced HELOC product
By Tara SammonsSelina Finance has launched its updated Home Equity Line of Credit (HELOC), simplifying and enhancing the product for brokers and borrowers.
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The improved HELOC offers a range of new features, including:
· a flat 1.5% procuration fee for brokers, paid upfront with no minimum utilisation requirement
· clearer clawback terms, limited to cases where the facility is fully closed within the first year
· flexible drawdown periods of two to five years
· fixed credit limits during the flexible drawdown period, with balances that can be drawn, repaid and redrawn
· affordability assessed only on the repayment period
As with Selina’s existing HELOC, there are no early repayment charges and interest is charged only on the balance drawn.
Henry Vaughan, vice president of growth at Selina Finance (pictured above), commented: “We’ve simplified and enhanced our HELOC product to make it easier for brokers to place and for customers to use.
“Whether it’s for home improvements, school fees or property investment, this product gives borrowers the flexibility to access funds when they need them and repay without penalty.
“By combining the product refresh with in-person training and a webinar, we’re making sure brokers have the tools and knowledge to use HELOCs successfully in real cases.”
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