Sharia-compliant bank Nomo has launched a special purpose vehicle (SPV) financing option to support its clients in Gulf Corporation Council (GCC) countries investing in UK buy-to-let (BTL) properties.
Nomo said this change would expand its market reach by catering to GCC-based investors looking for flexibility with UK property investments.
The lender said the use of SPVs was becoming popular, so the lender expanded its range to meet clients’ needs. The changes were made following feedback from clients and brokers.
Nomo said the launch aligned with its growth strategy and allowed it to broaden its property finance capabilities.
The lender said it would also lean on the experience of its parent company, Bank of London and The Middle East (BLME), which has been offering SPVs for some years. Nomo will adopt the parent company’s existing practices to integrate this offering.
Paul Szumilewicz, chief revenue officer of Nomo, said: “By introducing SPV-focused financing solutions, Nomo is directly addressing the requirements of our clients in the GCC who are increasingly turning to SPVs to structure their UK property investments efficiently.
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“With this offer, we’re ensuring that clients seeking flexible property financing have the necessary support to capitalise on the unique investment opportunities within the UK property market.”
Countries in the GCC include the Kingdom of Bahrain, the State of Kuwait, the Sultanate of Oman, the State of Qatar, the Kingdom of Saudi Arabia and the United Arab Emirates.
