Keystone has launched a new short-term finance range.
It offers a choice of bridging loans aimed at residential landlords looking for a fast finance solution to auction purchases, refinances and refurbishment projects.
The funding line is being supplied by Lancashire Mortgage Corporation which also provides the finance for Keystone’s Solutions Range.
The six products in the range are priced according to the credit profile of the applicant with rates for prime borrowers and those with light-medium and medium-heavy adverse credit. Rates start from 0.85% per month for loans between £50,000 and £1m. K
Keystone will lend up to 70% LTV as standard and up to 75% by referral. There is no price differential between individuals and limited company applicants.
David Whittaker (pictured), managing director of Keystone, said: “Brokers looking for a swift deal should be delighted with the range. Lending decisions can be made within hours if needed and funds can be released in five working days or less. There are no exit fees and brokers will be paid a proc fee of 0.5% of the loan amount on the day of completion.”
The facility fee is 2% of the loan amount with a one-off assessment fee of £199. Valuation and legal costs are the same as for products within the Solutions Range.
Marc Goldberg of Lancashire Mortgage Corporation added: “The Solutions Range has worked really well for us, so it was a no-brainer when Keystone asked us for a bridging solution that would complement their other ranges.
“The short term finance products designed for refurbishment projects work particularly well with both the New Classic and Solutions Ranges both of which accommodate refinancing within six months of purchase and renovation. Since Keystone already knows the borrower, the onward deal can complete really quickly.”