Sharia-compliant bridge finance fintech Offa has launched a buy-to-let (BTL) service.
Offa provides a finance model designed in accordance with Islamic finance principles.
Offa’s BTL service was launched to provide property investors with flexible finance solutions and end-to-end digital processes.
The Islamic BTL products are available to landlords who are British residents or UK expats.
Offa’s BTL product involves the Islamic finance principles of co-ownership-with-leasing.
Customers acquire the property in partnership with Offa and make monthly payments to increase their share, over time owning it.
Offa’s BTL product allows customers who do not have sufficient rental income for the affordability criteria to make up the difference with their personal monthly income, commonly known as top-slicing.
The service is available to anyone purchasing property in England and Wales aged 21 or over where the property’s value is between £60,000 and £1m.
First-time landlords can also apply, and Offa’s BTL solutions are also available for houses in multiple occupancy (HMOs).
Sagheer Malik, chief commercial officer and MD of retail finance at Offa, said: “Our streamlined digital application process – which is unparalleled in the Islamic finance market – means clients can potentially get a fair decision within minutes, depending on credit rating and risk criteria.”
