Offa to launch refurbishment bridging product
By Bridging Loan Directory
Britain’s first Sharia-compliant bridge finance company Offa is expanding its product portfolio by adding a refurbishment category.
Underpinned by a new funding facility from Gulf Islamic Investments, Offa’s latest finance product will target property investors from the UK’s 4 million strong Muslim community who want to renovate or refit their existing residential and commercial properties.
The UAE’s Gulf Islamic Investments – a majority shareholder in Offa — has provided the Solihull-based bridging company with a new funding line for an undisclosed amount to support its new refurbishment product.
It means Offa can advance property investors finance covering up to 100 percent of their costs for light and heavy refurbishment works.
“Offa was formed to create more choice in the market and to give Muslims access to property finance that is compatible with their faith.
Our customers vary from aspiring landlords to seasoned investors, and many have enquired about finance for refurbishments.
The new funding line from Gulf Islamic Investments allows us to launch a product that is specifically tailored for this market,” said Offa CEO Bilal Ahmed.
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