Selina Finance lands £150m home equity loan
Selina Finance, a London-based alternative lender that provides credit to corporate and consumer borrowers by unlocking the value tied to their property, raised $35m in equity from Lightrock and $115m in debt from Goldman Sachs and GGC.
Founded in 2019 by Andrea Olivari, Hubert Fenwick and Leonard Benning, Selina Finance offers overdraft type credit facilities to businesses and homeowners, backed by the equity in their home or investment property.
Selina is targeting a £30 billion market opportunity in the UK, where home ownership is commonplace.
Says Fenwick: “We expect demand for Home Equity Line of Credit (HELOC) to skyrocket in the UK over the next five years as they become the first choice of finance for UK homeowners, our first traction shows the enormous potential that exists in this market.
“HELOCs offer homeowners a new way to finance and improve their lifestyle; perfect for those who have worked hard to build up equity in their property, allowing them to profit by borrowing affordably and responsibly.
Having initially started out in the SME space, the company won regulatory approval for consumer lending in 2020 and has already provided over $100 million in loans with its home equity product in the UK, this which represents 90% of its loan portfolio.