The products are a direct response to investor feedback.
Keystone Property Finance has revealed it is expanding into funding for auction purchases and commercial property.
The auction finance range is aimed at borrowers looking for money in a hurry to purchase both residential and commercial property at auction.
The range includes a ‘valuation bypass scheme’ which will facilitate speedier completions.
This means that on some applications a valuation of the proposed purchase will not be required and lending decisions can be made in just a few hours with funds released within five days if necessary. Borrowers can choose between three, six, nine and 12-month rates starting from 0.75% pcm up to 70% LTV.
The commercial mortgage range has been designed for both investors and business owner occupiers looking to purchase a wide range of property across a variety of sectors including business, retail, leisure and industry.
With rates starting at 7.99% up to 70% LTV, lending will be based primarily upon the 180 day market value, although 90 day valuations will be used for borrowers with medium levels of adverse credit.
Steve Olejnik, sales director of Mortgages for Business and Keystone, said: “These new products are an exciting addition to the Keystone suite and are a direct response to investor feedback.
“I am particularly pleased to announce the introduction of short and medium-term solutions for difficult to place commercial transactions.
“We will continue to offer solutions to both individuals and limited companies, including those with impaired credit and non-standard construction types.”
Keystone has also refreshed its short-term finance range to include rates for commercial property starting at 1.15% per month to 70% LTV.
Rates for residential property have been reduced and now start at 0.75% per month, down from 0.85% pcm.
For commercial property up to 70% LTV is available as standard and up to 75% LTV on referral. The minimum loan size has been reduced to £30,000 from £50,000.
The solutions range which offers finance for buy-to-let property has also been updated.
It now offers both interest-only (three to 15 years) and capital and interest (six to 25 years) terms. Rates have also been reduced and now start at 7.16% to 75% LTV, down from 7.99%.
All four ranges have rates for borrowers with prime and light-to-medium adverse credit profiles and all products are available to both individuals and limited companies.
Funding is provided by Together Money.
Keystone’s Classic Range is financed by Paratus AMC and is subject to different lending criteria.
