Keystone Buy to Let Mortgages has launched its new Short Term Finance Range, with funding from Lancashire Mortgage Corporation.
Launched today, Keystone’s Short Term Finance Range offers a selection of bridging loans aimed at residential landlords looking for a quick 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 £50k and £1m. Keystone will lend up to 70% LTV as standard and up to 75% by referral. Crucially there is no price differential between individuals and limited company applicants.
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 Solutions Range has worked really well for us since we launched the partnership, so it made sense for us to provide 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.”
Keystone is an intermediary only lender, so for further information please contact your broker, or call Mortgages for Business on 0845 345 6788.