"Our new integration is a huge step forward for Selina’s proposition to brokers."
The integration will see OMS users benefit from a two-way DIP facility which offers advisers direct access to Selina Finance’s secured ‘flexi-loan’ without the need to rekey any data.
Selina Finance offers pre-approved credit facilities from £25k to £1m where borrowers can draw and repay funds whenever they choose, without incurring additional fees or penalties and only paying interest on the amount that is outstanding. After the first five years, the outstanding balance on the revolving credit facility reverts to a traditional term loan for the remainder of the term.
Selina’s product can be used as both a term loan and a ‘home equity line of credit’ (HELOC), which can serve consumers with gradual funding needs (e.g. private school fees, large home renovations) as well as lump-sum funding needs.
OMS covers product areas such as residential, buy-to-let, second charge, equity release, bridging, commercial plus general insurance and protection. It has already integrated with five platforms - Iress, Twenty7Tec, Hometrack, iPipeline and Knowledge Bank - to provide users with product sourcing, AVMs, protection sourcing and criteria searching.
Neal Jannels, managing director of OMS, commented: “Selina Finance is one of the most exciting digital lenders operating in the intermediary marketplace and with such a flexible and transparent approach to finance, I’m sure it will prove an interesting and unique proposition for our growing userbase. There are many synergies between our respective businesses and we’re looking forward to working closely and learning from such a forward-thinking, technology driven lender.”
Giles Caunter, VP engineering at Selina Finance, added: “It’s been a pleasure working with OMS, and our new integration is a huge step forward for Selina’s proposition to brokers. We look forward to working together on the next APIs and delivering new features across both platforms.”
