Keystone has launched a new range created specifically for landlords who are struggling to get finance in the buy-to-let market.
The Solutions Range is a suite of medium term loans funded by the Lancashire Mortgage Corporation.
Rates start from 8.49 per cent for individuals and 8.99 per cent for limited companies, with higher rates applied to borrowers with more untidy credit profiles.
Loans are available from 55-70 per cent and there is a £199 assessment fee, a facility fee of 3 per cent of the loan amount, along with valuation and legal fees.
Whilst Keystone’s existing ‘classic’ and ‘premier’ ranges already cater for some scenarios where applications can be declined, the lending criteria on the Solutions Range has been designed with greater flexibility.
Marc Goldberg, group commercial director of Lancashire Mortgage Corporation, explained that the products are aimed at both individual and corporate landlords who have failed to qualify for a buy to let mortgage, but who require a more “cost effective, progressive solution” than bridging.
“We believe that the flexible, custom-fit approach to underwriting will help landlords looking to strengthen their financial position and capitalise on the ever-increasing demand for rental property.
David Whittaker, managing director of Keystone, said that the lender recently ran a small pilot of the range.
“We received numerous enquiries and already have a small number of applications underway. So far the administrative processes are working well, so we are now making the range available to all.”
