Shariah-compliant property finance provider Nomo has joined the lender panel of Paradigm Mortgage Services, giving member firms access to specialist funding solutions for Gulf-based investors purchasing or refinancing UK property.
Nomo, a Shariah-compliant cross-border bank, has been added to Paradigm Mortgage Services’ lender panel, extending the range of specialist finance options available to the distributor’s network of more than 2,000 firms and 3,000 advisers.
The lender provides residential and buy-to-let property finance for residents of Kuwait, the United Arab Emirates, Saudi Arabia, Qatar and Bahrain seeking to purchase or refinance property in the UK, excluding Northern Ireland.
Nomo’s proposition is designed to support borrowers who do not have a UK credit footprint and also caters for special purpose vehicles (SPVs) and portfolio landlords.
The appointment gives Paradigm member firms access to a specialist lending proposition aimed at serving overseas investors from the Gulf Cooperation Council (GCC) region, a market that continues to show interest in UK property.
Layla Hamidian at Nomo said: “We’re thrilled to join Paradigm’s lender panel, giving us access to its member firms. We hope that in joining Paradigm, more advisers will consider how they can support the growing market of GCC nationals and expats investing in UK property.
“Shariah-compliant financing represents a valuable and often underutilised opportunity for brokers, providing an ethical finance option suited to a wide and diverse customer base.
“We would encourage those ready to learn about Shariah property finance to check out our brand-new Nomo Academy, dedicated to supporting brokers and intermediaries through the Nomo process.”
Richard Howes (pictured), managing director of Paradigm Mortgage Services, said: “We are very pleased to welcome Nomo to the Paradigm lender panel and to provide our member firms with access to a specialist proposition that serves an important and growing customer segment.
“The UK continues to attract significant investment from GCC nationals and expats, and Nomo’s ability to support these clients with Shariah-compliant property finance, including those without a UK credit footprint, provides advisers with access to a genuinely differentiated lending solution.”
Paradigm provides mortgage, protection and compliance services to advisory firms and operates a profit share model alongside a range of support services including a mortgage placement helpdesk, compliance support, regulatory guidance and continuing professional development events.
For advisers, the addition of Nomo broadens access to specialist finance solutions for overseas investors and adds another option for serving clients seeking Shariah-compliant property funding.