Islamic Property Fintech (Fintech) Offa launches a bridge-to-private financial service – combining OFFA’s bridge products with its paperless purchase (BTL).
“Speed is a key factor in real estate,” said in an announcement of OFFA Group Chief Business Officer and Managing Director of Sagheer Malik, Retail Finance Retail. “Our Super Quick Bridge to LET Service is the first such service in the industry, allowing both Muslims and non-Muslims to save a lot of money and save a lot of money for their families and provide wealth for their families.”
Malik explained that clients avoided the double application fee for Bridge and BTL and instead paid £495 for Bridge to LET, they saved 0.5% of the BTL arrangement fee.
Bridge products have no minimum term, and if the buyer’s rental income is not enough to cover BTL financing, the difference can be made up with their personal monthly income – called top fixed income.
OFFA’s BTL products do not use interest, but involve Islamic financial principles that lease common ownership. Clients work with OFFA to acquire the property and pay monthly to increase their share over time.
This service is available to anyone who purchases a property in Wales 18 years of age or older in England and Wales, with a minimum income of £18,000 per year and a minimum property value of £80,000.
