Brightstar Financial has launched a distribution partnership with specialist lender Selina Finance to offer semi-exclusive distribution of the lender’s overdraft-style lending facilities.

Selina Finance provides pre-approved credit facilities from £25k to £1m allowing borrowers to 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 second or third charge for the remaining term.

With the new partnership, brokers will now be able to access the products from Selina Finance that are not available direct, or through any network or club partnerships.

Brightstar Financial head of marketing Michelle Westley says: “There are so many circumstances where clients could benefit from a lending facility like the one provided by Selina Finance. It might make sense for customers who are carrying out major home improvements, for example, and don’t want to draw down all of the money upfront. It could be used by property investors who want to make use of the capital to leverage and grow their portfolios. Or it could simply provide a fast and flexible way to finance life events like school fees or a large family wedding.

“It’s a really interesting proposition that can provide brokers with an incredibly useful tool in meeting the funding requirements of their clients and we’re delighted to be one of the few distributors to provide access to the broker community. Any broker who wants to learn more should get in touch with Brightstar to arrange a dedicated Zoom session about how Selina Finance could help their clients.”

Selina Finance business development manager Gary Lomax says: “We are really pleased to be working with Brightstar to distribute our unique proposition. Our pre-approved credit facilities can change the way brokers think about meeting the funding requirements of their clients.”