Offa the Islamic Property Finance Fintech has a bridge-to-long financial service launched combining offa’s bridge product with its paperless buy-to-loet (BTL).
Respond to the launch Offas Group Chief Commercial Officer and Managing Director of retail financing Sagheer Malik said: “Speed is the crucial factor in real estate. Our Ultra-Quick Brug-Let service is the first of its kind in this sector, so that both Muslims and non-Muslims can save huge amounts of money, Equety.
Malik explains that customers avoid double application costs for Bridge and BTL, instead pay a flat £ 495 bridge-to-pay compensation, and save 0.5% on BTL control costs.
There is no minimal term on the bridge product and if a buyer’s rental income is not sufficient for BTL financing, they can make a difference with their personal monthly income known as top-slicing.
Instead of using interest, the BTL product of Offa includes the Islamic financing principles of co-ownership-with-rental. Customers acquire the property in collaboration with OFFA and make monthly payments to increase their share in the course of the time it owns.
The service is available for anyone who buys real estate in England and Wales aged 18 or older, with a minimum income of £ 18,000 a year, and with a minimum real estate value of £ 80,000.