The lender said this would make finance for light refurbishment works more accessible to landlords.
This includes the addition of two short-term products on loans between £100,000 and £1m. Keystone Property Finance will now lend up to 70% LTV on rolled-up options and 75% LTV on serviced options.
Rates will still start from 0.85% per month on terms of up to six months. Landlords can choose between rolled-up interest, deferred until the end of the term, or service the interest with monthly payments.
The range has no exit fees or early repayment charges (ERCs).
Keystone Property Finance launched its refurb to let proposition in April last year to meet the demand for short-term finance. Upon completion, borrowers can switch onto the lender’s refurb exit fixed rate products, with pricing from 4.44%, or redeem the short-term loan.
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The refurb exit range is available on two- and five-year fixed rates and offers additional borrowing up to 80% LTV.
Keystone Property Finance pays advisers a 1% procuration fee on refurb to let products and pays an additional 0.55% procuration fee when borrowers move onto a refurb exit product.
Elise Coole (pictured), managing director of Keystone Property Finance, said: “Since launching our refurb to let range last April, we’ve seen consistently strong demand from brokers supporting landlords with light refurbishment projects. There is clear appetite for short-term funding that offers a straightforward route onto longer-term finance.
“By expanding the range and increasing LTVs on loans up to £1m, we’re purposely widening access to refurb finance. This gives more landlords the ability to take on smaller-scale projects or convert properties into houses in multiple occupation.
“This enhancement reflects both the success of the original launch and our wider growth strategy. By expanding our short-term offering, we’re reinforcing our end-to-end proposition and further strengthening Keystone’s position in the specialist buy-to-let market.”
