We describe a new large class of Lorentzian Kac–Moody algebras. For all ranks, we classify 2‐reflective hyperbolic lattices S with the group of 2‐reflections of finite volume and with a lattice Weyl vector. They define the corresponding hyperbolic Kac–Moody algebras of restricted arithmetic type which are graded by S. For most of them, we construct Lorentzian Kac–Moody algebras which give their automorphic corrections: they are graded by the S, have the same simple real roots, but their denominator identities are given by automorphic forms with 2‐reflective divisors. We give exact constructions of these automorphic forms as Borcherds products and, in some cases, as additive Jacobi liftings.