Sharia-compliant bridging finance lender Offa has launched into the buy-to-let market.
The fintech agency says it’s powered by the newest software program and goals to “disrupt and rework the historically old style and cumbersome world of Islamic finance.”
The new offers can be found for property in England and Wales valued between £60,000 and £1m. First-time landlords also can apply, and Offa’s BTL options are additionally accessible for homes in a number of occupancy (HMOs).
Offa offers offers to Muslim and non-Muslim property buyers who’re British residents or expats.
The new BTL product includes the Islamic finance rules of co-ownership-with-leasing. Customers purchase the property in partnership with Offa and make month-to-month funds to extend their share, over time proudly owning it.
Offa chief industrial officer and managing director of retail finance Sagheer Malik says: “Offa is all a few high-quality fashionable service and velocity is essential in actual property. With the launch of our ultra-quick buy-to-let service, mixed with our groups’ a long time of trade expertise, we’re bringing Islamic finance into the twenty first century, forsaking the onerous paperwork and cumbersome methods that many shoppers have usually suffered up to now.
“Our streamlined digital software course of – which is unparalleled within the Islamic finance market – means shoppers can probably get a good determination inside minutes, relying on credit standing and threat standards.”
