TOP 5 MORTGAGE BANKS IN LAGOS
Finance houses in Nigeria are not limited to the well known commercial banks; there are other types, including investment banks/companies, brokerage firms, mortgage institutions, insurance companies and many others. All the various financial institutions in Nigeria have their specific functions in ensuring a smooth running of the country’s economy. In fact, The roles of mortgage banks in Lagos cannot be overemphasized.
It is equally important to highlight the fact that Lagos is the economic seat of the country. Therefore, there are several institutions that have been established solely for financial purposes.
Mortgage Banks in Lagos are known to provide for a larger customer base due to the large population of the state.
To this effect, financial companies ensure their services are on the A-list. Also they give excellence a thorough approach in their services. In today’s article, we will identify the top 5 mortgage banks in Lagos State.
WHAT IS A MORTGAGE BANK?
A Mortgage Bank is a type of financial institution that specializes in giving mortgage loans. A Mortgage Bank is originates and/or services mortgage loans.
Mortgage is specific to the real estate industry as it is basically a debt tool. In fact. mortgage is available when collateral is provided.
In addition, the major sources of revenue for mortgage banks in Nigeria are Loan Servicing Fees and Loan Originating Fees.
WHAT DO A MORTGAGE BANKS IN LAGOS DO?
Since commercial banks are the most common banks in the country, many Nigerians tend to ponder on what exactly does a Mortgage Bank do? In a highly profitable industry as Real Estates in Nigeria, the Mortgage Bank Functions by providing mortgage loans to people who are ready to purchase real estate properties.
Also, Mortgage Banks in Nigeria usually place the loans on a pre-established line of credit before putting the mortgage loan on sale in the secondary market. Subsequently, investors will then purchase or invest in such loans.
TOP 5 MORTGAGE BANKS IN LAGOS
On September 30, 2018, the Central Bank of Nigeria published the list of 34 Primary Mortgage Banks in Nigeria that are duly licensed to operate without restrictions. Many of these mortgage institutions are located in Lagos.
In today’s post, we will identify The Top 5 Mortgage Banks in Lagos State.
Also, this list will consist of both Primary and Secondary Mortgage Banks in Lagos. So in no particular order, these are the leading mortgage banks in Lagos State:
Established in 2005, FBN Mortgages Limited is on a mission to provide indomitable mortgage services and products. Specifically, their services represent the dominance of its parent– First Bank Nigeria.
LOCATION: 76, Awolowo Road, Ikoyi, Lagos State, Nigeria.
Abbey Mortgage Bank Plc
Abbey Mortgage Bank is the most profitable mortgage bank in Nigeria. Currently, they offer a wide range of investment products and mortgage. In addition, they provide advisory services to individuals, real estate companies and other corporate organizations.
LOCATION: 23, Karimu Kotun Street, Victoria Island.
Federal Mortgage Bank of Nigeria
The Federal Mortgage Bank of Nigeria is a leading secondary mortgage bank in Nigeria. It has successfully provided affordable and accessible home ownership to many Nigerians. It is notable for its innovative products and services such as Home Renovation Loan, Estate Development Loan, and many more.
LOCATION: Mannan Kotangora House, 5th Floor, 23A, Marina Street, Lagos Island, Lagos.
Trustbond Mortgage Bank Plc
Established in 2005, Trustbond Mortgage Bank Plc offers a wide range of services including mortgage loans and land acquisition.
LOCATION: 3, The Providence Street, Lekki, Lagos.
Safetrust Mortgage Bank:
This Primary Mortgage Bank is known to invest hugely on real estates projects. Some of their past projects include Hamilton Greenville, Safetown Estate, Ikosi Flats, Orchard Grove Estate and many others.
LOCATION: 18, Keffi Street, Off Awolowo Road, Ikoyi, Lagos.
Primary Mortgage Institutions in Lagos have helped many Nigerians acquire real estate properties in a more convenient way. Considering the flexible payment plan over a reasonable number of months, we can say Mortgage banks are of utmost importance in Lagos State where houses are goldmines.