Keystone has launched a range of bridging products.
Rates start at 0.85 per cent a month for loans between £50,000 and £1m and Keystone will lend up to 70 per cent LTV as standard and 75 per cent by referral.
The range is aimed at residential landlords looking to buy at auction, refinance and those working on refurbishment projects.
There is no price differential between individuals and limited company applicants and the six products are priced according to credit profile. The facility fee is 2 per cent of the loan amount, with an assessment fee of £199. Valuation and legal costs are the same as for the products in Keystone’s Solutions range, which vary depending on the loan size.
Keystone managing director David Whittaker says: “Brokers looking for a swift deal should be delighted with the range. Lending decisions can be made within hours 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 per cent of the loan amount on the day of completion.”
The funding line is being provided by Lancashire Mortgage Corporation, which also funds the Solutions range.
LMC director Marc Goldberg says: “The Solutions range has worked really well for us so it was a no-brainer when Keystone asked for a bridging solution to complement its other ranges. The short-term finance products designed for refurbishment projects work well with the new Classic and Solutions ranges, both of which accommodate refinancing within six months of purchase and renovation.”