Keystone has today launched its new short-term finance range aimed at residential landlords looking for a quick finance solution to auction purchases, refinances and refurbishment projects.
The range, full details of which are available online, is funded 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 cent per month for loans between £50,000 and £1 million. Keystone will lend up to 70 per cent loan-to-value (LTV) as standard and up to 75 per cent by referral.
Commenting on the launch, David Whittaker, managing director of Keystone said:
“Fees and costs to the borrower have been kept as low as possible. 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 said:
“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.”
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