Offa secures funding and releases refurbishment bridging range

The product will be aimed at property investors within the four million strong Muslim community who want to renovate or refurbish existing residential and commercial properties.

The United Arab Emirates Gulf Islamic Investments is now a majority shareholder in Offa and has offered the company a funding line to support its refurbishment product.

The lender can advance property investors finance up to 100 per cent of their costs for light and heavy refurbishment.

Loans between £100,000 and £2m are available, with a net financing to value (FTB) of 75 per cent for residential and 65 per cent for commercial.

Terms of up to one to 18 months are available and applications can be made online or via brokers.

Offa CEO Bilal Ahmed (pictured) 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.”

As a Sharia-complaint lender Offa’s products are forbidden from charging interest and offer a more “ethical structure of finance”. The lender says that the process “removes market risk” as profit is fixed from the outset.