Loans Warehouse has successfully arranged a £486,000 Home Equity Line of Credit (HELOC) secured loan for homeowners undertaking a substantial programme of home improvements, with the case completing just 17 days after submission to the lender.
The clients required funding to support a wide-ranging renovation project, including a new kitchen, solar panels, heating and air conditioning upgrades, extensive landscaping works and a swimming pool installation.
While the overall project was expected to cost around £500,000, the homeowners were keen to avoid borrowing the full amount upfront and paying interest on funds that would not be required immediately.
Following a detailed fact-find and assessment of the clients’ objectives, Loans Warehouse recommended a HELOC solution through Selina Finance. Unlike a traditional secured loan, a HELOC allows borrowers to draw funds as and when required during an agreed drawdown period, paying interest only on the amount accessed rather than the full approved facility.
The flexibility of the product was a key factor in the recommendation, with the clients expecting the works to be completed in phases over several years. The facility also offered the freedom to make ad-hoc overpayments and settle the borrowing early should additional funds become available through future asset sales and bonuses.
Given the scale of the funding requirement, the case involved a comprehensive underwriting process, including a full property valuation, detailed evidence of planned works and multiple contractor quotations.
Loans Warehouse worked closely with both the clients and lender throughout the application, managing documentation requirements, coordinating the valuation process and maintaining regular communication to ensure momentum was maintained from application through to completion.
The result was a £486,000 HELOC facility secured against a property valued at approximately £1.66 million, providing the homeowners with the flexibility to fund their renovation project as it progresses while maintaining control over borrowing costs.
Matt Tristram, Co-Founder of Loans Warehouse, said:
“This case perfectly demonstrates why HELOC products have become such an attractive option for homeowners undertaking major renovation projects. Our clients didn’t want to borrow half a million pounds on day one and pay interest on money they weren’t yet using.
The flexibility to draw funds as and when required meant they could match their borrowing to the pace of the works while keeping costs under control.
To complete a £486,000 facility in just 17 days, particularly on a property requiring a full valuation and detailed underwriting, was a fantastic result from both our team and the lender.
It highlights the value of specialist advice and proactive case management when arranging complex secured loan solutions.”
Henry Vaughan, VP of Growth, Selina Finance added,
“This £486,000 HELOC demonstrates the growing appetite for flexible home equity solutions for home improvements. By partnering with Loans Warehouse, we were able to provide the client with a substantial facility while delivering the seamless experience brokers and customers expect from Selina.”
The case reflects increasing demand for flexible secured lending solutions as homeowners continue to invest in property improvements, renewable energy installations, and long-term home enhancement projects.”
