Offa, the shariah-compliant bridging lender, has agreed a ‘significant’ funding line from Gatehouse Bank.
The bridging lender 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.
According to Offa, this year it plans to develop its product range by adding a refurbishment, stretched development, planning and shared risk ethical finance facility.
Bilal Ahmed, head of operations at Offa, said: “Since we launched, demand for our Shariah-compliant bridging finance products has been far stronger than anticipated and this new funding line will help us to accommodate it.
“The brokers we’re dealing with see what we’re offering as a real value-add for their clients, not to mention a key differentiator.
“With the property market now on a stronger footing, we are looking forward to establishing a real foothold in the market during 2020 and helping Muslims and non-Muslims alike expand and enhance their portfolios through this quick and highly flexible form of finance.”
Paul Stockwell, chief commercial officer at Gatehouse Bank, added: “The synergies between Offa and Gatehouse are clearly very strong and we are looking forward to helping establish Shariah-compliant bridging finance.
“There’s a huge amount of untapped demand and Offa will go quite some way to meet it.”