Businesses who are looking to acquire or refinance commercial property investments, mixed use or owner-occupied commercial premises now have a new option available to them.
London-based and Sharia-compliant Gatehouse Bank has launched a new range of commercial property finance products which means UK companies, expats and international clients can access finance between £500,000 and £2 million.
Businesses will be able to finance up to 70 per cent of the value of commercial properties, which includes offices, industrial units, purpose-built student accommodation and retail property with part residential. There will be no early settlement charges if the financing is settled at agreed break points.
What is Gatehouse Bank?
The bank was co-founded in 2007 by Fahed Boodai and has previously invested in various manufacturing and logistics facilities and privately rented residential properties and student accommodation in the UK.
The company says it has seen growing demand for finance under £2 million over the last 12 months.
See the below graph for more information on the financing
The new products are available directly from the Bank or via brokers, and clients can choose between ‘amortising’ or ‘profit-only’ — the Shariah-compliant equivalents of conventional repayment and interest-only.
Paul Stockwell, chief commercial officer at Gatehouse Bank said, ‘Our customers already include investors, asset managers and developers. We know many of them often need more than one type of property finance, so it makes complete sense for us to cover all bases like this.