Offa has launched a bridge-to-let finance product that combines its bridging finance with paperless buy-to-let (BTL), aiming to speed up the process for property investors and landlords.
Offa’s combined bridge and BTL finance means customers can get funding in weeks, not months, depending on credit checks and risk.
The product is designed for those looking to buy and upgrade below-value property then release equity.
Customers pay a flat £495 bridge-to-let fee instead of separate application fees, and also save 0.5% on BTL arrangement fees.
There is no minimum term for the bridge facility, and if rental income is not enough for BTL, customers can use their own income to top up.
Sagheer Malik, group chief commercial officer and managing director of retail finance at Offa, said: “Speed is the crucial factor in real estate. Our ultra-quick bridge-to-let service is the first of its kind in this sector, allowing both Muslims and non-Muslims to save huge amounts of money, unlocking equity and providing wealth for their families.
“We are now offering faith-based finance products that not only out-perform those of our competitors in Islamic finance but also those in conventional finance.”
Naseer Ahmed, managing director of bridge finance at Offa, said: “By combining our teams’ decades of industry experience with the latest technology, we at Offa are on a mission to bring Islamic finance into the 21st century, leaving behind the onerous paperwork and cumbersome systems that many customers have typically had to suffer in the past.”
