Gatehouse Bank named ‘Best Islamic Bank for Property & Real Estate Finance 2020’
Gatehouse Bank is delighted to announce that it has been awarded ‘Best Islamic Bank for Property & Real Estate Finance 2020’ at the Global Islamic Finance Awards (GIFA).
Gatehouse faced strong competition in a sector that has been expanding rapidly in the past few years. The Bank has played a role in this growth, regularly announcing new products, partnerships and projects across the Home Purchase Plan (HPP), Buy-to-Let (BTL) and Build-to-Rent markets.
Much of the Bank’s growth has stemmed from its strategy of offering products to underserved markets, characterised by a commitment to human underwriting. This means every home finance application is assessed on its own merits.
Gatehouse provides HPPs to UK Residents, UK Expats and International Residents with initial rental rates fixed over 2-Year and 5-Year terms. Its BTL purchase plans for landlords are also open to all three types of customer, whether individuals or operating through company structures, and these cover Multi-Unit Freehold Blocks (MUFBs) as well as multi-property portfolios.
The Bank’s commercial property and real estate finance arms are also rapidly expanding, with investment in Build to Rent (BTR) projects across the country. Gatehouse was a pioneer of the BTR market in the UK, entering the sector in 2014. It now manages two funds that have created 1,600 family homes for rent across 23 sites in Greater Manchester, Merseyside, the Midlands and North West England. These schemes have created one of the first large-scale Private Rental Sector (PRS) portfolios of high-quality family homes in the UK, with the two funds worth a combined £190million. Only in June, Gatehouse UK Private Rented Fund I invested £10.2million in a BTR scheme in the West Midlands that will create 66 family homes.
Charles Haresnape, CEO of Gatehouse Bank, commented:
“I’m delighted that Gatehouse Bank has been recognised by the Global Islamic Finance Awards for Best Islamic Bank for Property and Real Estate Finance.
“Gatehouse Bank has a growing presence in the UK banking market, with our ethical, Shariah-compliant approach. The Bank has achieved a great deal, but I believe that there remains a significant opportunity to further increase both awareness and demand for Shariah-compliant banking in the UK.
“During these challenging times, the Bank continues to perform well across all its chosen Financing and Savings sectors and this award is a testament to the hard work of our colleagues.”