"This funding will accelerate its development pipeline, stimulate job creation, and support community development initiatives. Together, we're building a brighter future for the West Midlands area and beyond"
- Mark Flower - Jerroms Mortgage and Finance
Mortgage and commercial finance broker, Jerroms Mortgage & Finance, has announced that it has completed a Shariah-compliant £5.6m refurbishment finance, for local developer and investor Sama Investment Group, in collaboration with partner Offa.
Developing a watertight package proved a complex undertaking as the original development had failed to achieve initial sign-off due to safety concerns regarding the façade cladding, which would need to be replaced at extra cost.
The solution also needed to be adaptable, so it could then be used as a standard compliance mechanism as Sama Investment Group looks to grow its student accommodation lettings portfolio.
Finally, but equally as important, it had to adhere to the highly specific rules governing Shariah-compliant finance schemes, which sit at the heart of the client’s core values. This includes: fulfilling religious obligations, fostering financial inclusivity, and attracting investment from Muslim-majority regions.
The bespoke package has proved successful, helping Sama Investment Group make a compelling investment case and secure the funding for most of the property's purchase price, empowering it to acquire the asset and swiftly replace the cladding.
The project is a prime example of Jerroms’ core ethos of finding innovative solutions for its clients and marks a significant milestone in the firm’s commitment to providing innovative financial solutions that respect diverse beliefs and meet the unique needs of its clients.
Mark Flower, Head of Commercial Mortgages at Jerroms Mortgage and Finance, said: “This successful collaboration showcases our commitment to delivering tailored financial solutions for all.
"Through our Shariah-compliant financing approach, we enabled Sama Investment Group to overcome significant obstacles and unleash the full potential of its assets. This funding will accelerate its development pipeline, stimulate job creation, and support community development initiatives. Together, we're building a brighter future for the West Midlands area and beyond."
Bilal Ahmed, Executive Chairman and Co-Founder at Sama Investment Group added: “Jerroms' expertise and commitment were instrumental in navigating the complexities of our student accommodation lettings portfolio.
"Their tailored financial solution provided us with the flexibility and peace of mind we needed to achieve our goals. By facilitating our investment endeavours, Jerroms has supported our vision and contributed to meeting the growing demand for student accommodation options.
"This partnership represents a significant step forward in our mission to provide accessible and high-quality housing solutions for all.”
