The product has a headline rate of 5.70%, with a maximum loan size of £1m and no early repayment charges (ERCs).

The loan works as either a standard term loan or a credit facility with a flexible period of up to five years during which borrowers can draw and repay funds whenever they choose.

There are no additional fees on further drawdowns.

The monthly repayment amount is calculated on the outstanding amount, allowing the borrower to minimise their interest payable over the loan term.

Third charges are also available with no rate-loading.

Stacey Woods, key account manager at Selina Finance, said: “This marks an exciting addition to our range and we have created this flexible second charge product on the back of feedback from our intermediary partners and the demands of their clients.

“This is just one of many positive enhancements we have lined up for the latter part of 2021 as we continue to adapt and evolve our proposition to meet borrowers ever-changing needs. So, watch this space.”