The specialist lender applied the cashback offer across all its products in July and took in a record £45m of applications during that month.
David Whittaker, CEO at Keystone Property Finance (pictured above), stated that it was looking to receive a similar amount of applications in August.
“A lot of people will tell you August is quiet, [but] I’m not sure my processing teams would share that sentiment.
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“We’re looking to pull in, in August, not a dissimilar figure as we did in July, just to try [to] help landlords who are trying to get their products or their properties put away before whatever does or doesn’t happen on 31st October.”
As a result of the cashback introduction, the lender has also attracted more higher-value transactions.
David predicted that there would be an increase in activity in autumn as he believed swap rates were incredibly low and there was a chance of a base rate reduction later in the year.
“I think there'll be a surge of activity in September through till the end of October as people use cheap money as a defensive hedge in terms of running their property businesses.”
Keystone’s long-term ambition — alongside its funding partner — is to securitise, with the company looking to get to around £250m of completions inside its first 24 months of operations.
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