Keystone has just announced it has launched a selection of bridging loan products alongside a funding line supplied by heavyweight lender Lancashire Mortgage Corporation…

The new short term finance range, which includes six products, is aimed at prime and non-prime residential landlords looking for quick finance solutions to auction purchases, refinances and refurbishment projects.

Rates start from 0.85% pcm for loans between £50k and £1m and Keystone will lend up to 70% LTV as standard, however can go up to 75% by referral.

There is no price differential between individuals and limited company applicants.

The range boasts zero exit fees and brokers will be paid a proc fee of 0.5% of the loan amount on the day of completion.

With an aim to make fees and costs for the borrower as low as possible, the facility fee has been set at 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.

David Whittaker, Managing Director of Keystone, stated that brokers looking for a swift deal should be “delighted” with the new range.

“Lending decisions can be made within hours if needed and funds can be released in five working days or less,” David added.

“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,” added Marc Goldberg of Lancashire Mortgage Corporation.

The short term product range also works well with 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,” Marc explained.

A product guide is available here, however introducing brokers who have not yet transacted with Keystone will need to register first.