Offa funds £1.2m refinance deal

Offa has completed two bridging deals totalling over £1.2m for an independent UK investor looking to refinance two properties.

The first facility — a £715,000 loan agreed at 65% FTV over six months — was used to refinance a mixed-use asset in Leicester valued at £1.1m, consisting of 13 retail units at ground level and three upper floors of residential units.

The remaining £520,000 — funded at 58% FTV on a six-month term — was used for a retail unit in Swindon valued at £900,000 and occupied by a long-term tenant.

Simon Coghlan, legal director at Shakespeare Martineau, who worked with Offa on this deal, said: “This deal was complex, as the commercial property in Leicester had no occupational arrangements across 13 retail units. 

“The client needed to organise leases with several tenants within a short turn around.  

“Despite this, the legal process was quick and efficient and we worked closely with Offa to meet the tight deadline. 

“We have found that Shariah short-term finance deals go through quicker than standard bridging loans, as both sides are clear about what they want — and this helps enormously to speed up the process.”

Bilal Ahmed, founding partner of Offa (pictured above), commented: “We worked closely with the lawyers to progress this finance in just three weeks from the initial application to the drawdown of funds. 

“Our team worked closely with the property investor to ensure the finance was fast-tracked to meet the pressing deadlines.”

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