Offa, the UK’s first Shariah-compliant bridging provider, has completed a total of £1.4m in bridging loans for one property investor.
Offa, the UK’s first Shariah-compliant bridging provider, has completed a total of £1.4m in bridging loans for one property investor, across five houses in multiple occupation (HMOs) in Birmingham, over a six-month period.
The most recent loan of £322,000 was used by the property investor and developer to fund the purchase of a buy-to-let (BTL) property located in the central area of Birmingham.
The 12-month loan had an LTV of 75%, and the total amount repaid by the client to date is £1,437,500.
Bilal Ahmed (pictured), founding partner of Offa Alternative Ethical Finance, said: “We are delighted to be providing our fifth short-term finance deal with this seasoned property investor.
“We have worked closely with the client and the broker to provide fast and efficient loan processing and drawdown of funds across multiple deals.
"Our team has built a solid relationship with the client, assisting him through the acquisition, refurbishment and the expansion of his buy-to-let portfolio, with ethical finance solutions.
“There are many investors in the UK market who would relish the chance to take out short-term finance that is consistent with Islamic principles and brokers who can accommodate them will benefit from a strong new revenue channel with considerable long-term potential.
"So we are very keen to speak to intermediaries who want to add Shariah-compliant bridging finance to their proposition.
“We lend to individuals, sole traders, partnerships, limited companies, LLPs as well as on and offshore SPVs.
"Procuration fees of up to 2% will be payable to introducers. Over the next 12 months, we will be launching a refurbishment, stretched development, planning and shared risk ethical finance facility - a Shariah-compliant equivalent of a Joint Venture.”
Offa launched in 2019, providing residential (non owner-occupied) and commercial bridging finance products, which range from £100,000 to £5m and with a maximum FTV (finance to value) of 75%.
Offa provides finance to UK residents, expats and international investors based overseas. It finances individuals, sole traders, partnerships, limited companies, LLPs as well as on and offshore SPVs.