David Whittaker

Keystone Property Finance reports surge in applications after cashback introduction

Keystone Property Finance has revealed that it saw an increase of around 30% in applications following the introduction of its cashback offering across all products.

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.

“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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