BloomSmith completes first Shari'ah compliant VAT bridging loan

Brian West

20 November 2019 12:26 GMT

There isn't too much that Nigel Smith, founder and director of BloomSmith hasn't seen when it comes to the world of VAT bridging loans. After all, as the head of BloomSmith he was involved in creating the VAT bridging market four years ago.

So, when BloomSmith makes an announcement such as completing their first Shari'ah compliant VAT loan, it's certainly worth sitting up and paying attention!

The deal that carries such excitement is one which came about while working with clients who were completing a large transaction in South London, where it was requested that the documentation and form used respect Islamic financial principals.

BloomSmith immediately initiated their legal team at Fladgate, who are experienced in Shari'ah compliant products, thereby enabling the VAT lender to provide the required funds in record time.

Smith is excited to have been able to help deliver the first Shari'ah compliant VAT bridging loan. He added: “Having created the VAT bridging market four years ago, in which we remain unique in that we lend without a charge on the property, to be able to provide the first Shari'ah compliant product in the market is pleasing for us and, we hope, our client”

And Smith was quick to point out that the strong reputation that the business enjoys means that they elicit a lot of trust when it comes to clients who have a unique set of needs in finding short-term loans to cover the VAT on a commercial property purchases.

He continued: “We have a team with a strong reputation and it is easy to forget why until we are asked to do something out of the normal course of our business to date. It is only then that you realise why that reputation exists. Hopefully providing the VAT on our Shari'ah platform will now become part of our normal course of business for UK and overseas investors alike.”

It seems that BloomSmith who offer VAT loans from £50,000 against both commercial property and SDLT continue to innovate, growing from strength to strength.

 

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