Offa to launch refurb bridging loan after securing new funding from Gulf Islamic Investments

Offa has secured a new funding line from Gulf Islamic Investments—one of its majority shareholders—which will enable it to launch a new refurbishment bridging product.

The new offering, which will be available from the end of May, is designed for residential and commercial property investors wishing to carry out light refurbishments that do not require planning permission, as well as those undertaking bigger structural changes to their property. 

It will provide loans from £100,000 to £2m at 75% net FTV for residential and 65% FTV commercial, on terms between 1-18 months for renovations to properties in England and Wales.

The new product can cover up to 100% of costs for light and heavy refurb works.

Bilal Ahmed, CEO at Offa (pictured above), said: “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.”

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