Keystone launches into bridging
Rates start at 0.85% per month to 70% loan-to-value and 75% by referral for loans between £50,000 and £1m.
The range charges borrowers a 2% facility fee of the loan amount with an assessment fee of £199.
David Whittaker, 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 funding line is being supplied by Lancashire Mortgage Corporation which also provides the finance for Keystone’s solutions range.
Marc Goldberg of Lancashire Mortgage Corporation said: “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.”