Sharia-compliant bridging finance lender Offa has launched into the buy-to-let market.
The fintech firm says it is powered by the latest software and aims to “disrupt and transform the traditionally old-fashioned and cumbersome world of Islamic finance.”
The new deals are available for property in England and Wales valued between £60,000 and £1m. First-time landlords can also apply, and Offa’s BTL solutions are also available for houses in multiple occupancy (HMOs).
Offa provides deals to Muslim and non-Muslim property investors who are British residents or expats.
The new BTL product involves the Islamic finance principles of co-ownership-with-leasing. Customers acquire the property in partnership with Offa and make monthly payments to increase their share, over time owning it.
Offa chief commercial officer and managing director of retail finance Sagheer Malik says: “Offa is all about a high-quality modern service and speed is crucial in real estate. With the launch of our ultra-quick buy-to-let service, combined with our teams’ decades of industry experience, we are bringing Islamic finance into the 21st century, leaving behind the onerous paperwork and cumbersome systems that many customers have typically suffered in the past.
“Our streamlined digital application process – which is unparalleled in the Islamic finance market – means clients can potentially get a fair decision within minutes, depending on credit rating and risk criteria.”
