Gatehouse Bank has announced a new partnership with ColCap Financial UK.
The partnership between the pair involves a forward flow arrangement to originate in excess of £550 million of Shariah-compliant home finance for ColCap UK over an initial two-year term.
ColCap UK is a subsidiary of the ColCap Financial Group, a privately owned, non-bank established in Australia specialising in residential home finance. In 2022, ColCap incorporated its UK entities and began offering residential property finance in the UK.
Following the move, Gatehouse will continue to generate its own originations onto its balance sheet through its own home finance proposition for UK residents, UK expats and international residents.
The agreement also includes a sale of circa £100m of Gatehouse’s beneficial interest in its existing home finance portfolio. As of 31 December 2023, the bank’s home finance portfolio totalled over £1.2bn.
Gatehouse Bank CEO, Charles Haresnape, commented: “We are delighted to be embarking on this partnership with ColCap UK. We have seen a considerable increase in demand for our products and services over the last five years and this agreement highlights the Bank’s credibility as a leading Islamic finance provider in the UK.
“Our partnership with ColCap UK will provide Gatehouse with further means of fulfilling our growth potential, allowing the bank to continue to meet the strong appetite from both UK and overseas customers for Shariah-compliant products.”
ColCap Financial Group CEO, Andrew Chepul, added: “Our partnership with Gatehouse Bank further supports our UK team’s growth in this important market.
“Gatehouse is a trusted leader in Shariah-compliant financing and together we’re well-positioned to meet the increasing demand for responsible financial solutions in the UK and beyond.”
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