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List of Mortgage Banks in Nigeria

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List of Mortgage Banks in Nigeria: There are 34 firms that have been licensed by the Central Bank of Nigeria (CBN) as primary mortgage banks in Nigeria. These primary mortgage banks are financial institutions that give loans to housing and real estate builders.

Among the list of 34 firms across the country, CBN said seventeen of the Primary Mortgage Banks are in Lagos; eight in Abuja; two in Akwa Ibom; while Oyo, Delta, Ogun, Kebbi, Jigawa, Abia, and Osun have one each.

How do mortgage banks work?

Mortgage banks provide loans to clients purchasing real estate properties. The institutions then place the loans on a pre-established warehouse line of credit, wherein the loan is put on sale in the secondary market. Investors, typically large institutions and corporations, purchase or invest in such loans.

Platinum Mortgage Bank Limited

PMBL was established with the vision to be the leading mortgage institution in Nigeria with a strong geographical spread

The bank was set up with the mission of improving the welfare of Nigerians through the provision of efficient stress-free and quality house delivery services at affordable cost.

Abbey Mortgage Bank Plc

Abbey Mortgage Bank was incorporated on August 26, 1991, and received the license to carry on business as a primary mortgage institution (PMI) from the Central Bank of Nigeria on January 11, 1992.

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The company began full commercial operations on the 11th of March, 1992 with an initial authorized share capital of an N5million and has since grown into a company with total assets in excess of 12 billion as of December 2015.

Abbey is one of the most capitalized mortgage banks in Nigeria and currently employs over 200 staff with 10 branches covering three regions of the country including 3 branches in the FCT, and 6 in the Lagos axis.

Abbey was the first mortgage bank in Nigeria to have foreign equity investment through Africinvest Capital Partners, Tunisia. It was also the first bank to be rated by an independent Rating Agency in Nigeria

The bank is IFRS compliant and enjoys professional affiliations with the Mortgage Banking Association of Nigeria (MBAN) and the African Union of Housing Finance (AUHF) who ensuring proper mortgage loan rates are given to bank clients.

Trustbond Mortgage Bank Plc

The origin of TrustBond Mortgage Bank Plc can be traced to Intercontinental Homes Savings and Loan Ltd which emerged in the wake of the recapitalization of banks in 2005 on the acquisition of Gateway Bank by Intercontinental Bank Plc. Intercontinental Homes became a subsidiary of Access Bank on the acquisition of Intercontinental Bank Plc by Access Bank Plc in 2011.

The divestment from Access Bank’s shares in 2013 saw the appointment of high-caliber professionals from various walks of life to the Board of the Bank with total commitment to the highest level of corporate governance and international best practices. With a present paid-up capital of over an N5billion, we obtained, in 2014, a national license that allows us to operate in all the states of the country. TrustBond Mortgage Bank is an organization that continually challenges itself with a customer-centric standard of quality service delivery.

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FBN Mortgages

FBN Mortgages Limited is a leading Primary Mortgage Bank with a focus on delivering the best mortgage banking services and products that typify the dominance of its parent– First Bank in the financial services industry.

The company was set up with the vision of becoming the preferred mortgage solutions provider in Nigeria

FBN Mortgages Limited provides integrated mortgage solutions to individuals and property investors and delivers superior value to all stakeholders, leveraging innovation, technology, and our people based on our brand pillars of leadership, enterprise, and service excellence.

Building on its strong, dependable, and extensive distributive channels, FBN Mortgages Limited is committed to assisting its partners and customers in the public and private sectors to effectively and efficiently deliver on various housing and real estate investment mandates.

Safetrust Mortgage Bank

Safetrust Mortgage Bank Limited was formerly Safetrust Savings and Loans Limited. It is one of the leading Primary Mortgage Bank (PMB) licensed by the Central Bank of Nigeria (CBN) and duly accredited by the Federal Mortgage Bank of Nigeria (FMBN) for the disbursement of the National Housing Fund (NHF) loans to contributors.

The company was incorporated on the 2nd of September, 1992, and commenced operations in September 1993 at its registered office located at 18, Keffi Street Ikoyi, Lagos.

The bank has a diversified ownership structure with its shares owned by institutional investors, high net-worth individuals as well as professionals in various industries with a common goal of providing first-class mortgage banking services to its customers.

Federal Mortgage Bank of Nigeria

The FMBN is owned by the Federal Government of Nigeria. Although FMBN is a secondary mortgage institution, it is certainly worthy of mention here.

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The bank is involved in supplying the mortgage markets with sustainable liquidity for the advancement of homeownership among Nigerians anchored on mortgage financing.

Some of its core functions include:

  • Providing long-term credit facilities to mortgage institutions in Nigeria,
  • Encouraging the emergence and promote the growth of viable primary and secondary mortgage institutions to service the need of housing delivery in all parts of Nigeria,
  • Mobilizing both domestic and offshore funds into the housing sector,
  • Linking the capital market with the housing industry,
  • Establishing and operating a viable secondary mortgage market,
  • Collecting and administering the National Housing Fund in accordance with the provisions of the NHF Act,
  • Doing anything and entering into any transaction which in the opinion of the Board is necessary to ensure the proper performance of its functions under the FMBN Act.

How many mortgage banks are there in Nigeria?

The List. The Central Bank of Nigeria has licensed 35 primary mortgage lenders in Nigeria.

What are mortgage banks in Nigeria?

ACCREDITED PMBs

S/N PRIMARY MORTGAGE BANKS RECAPITALISATION STATUS
1. Infinity Trust Mortgage Bank Plc National
2. Abbey Building Society Plc National
3. First Trust Mortgage Bank Plc National
4. Nigeria Police Mortgage Bank State

How do I get a mortgage from the bank?

How to get a mortgage, step by step:

  1. Strengthen your credit.
  2. Know what you can afford.
  3. Build your savings.
  4. Choose the right mortgage.
  5. Find a mortgage lender.
  6. Get pre-approved for a loan.
  7. Begin house hunting.
  8. Submit your loan application.

What are the five functions of a mortgage bank?

Mortgage Bank Definition
  • Solicit Business.
  • Perform Financial Analysis.
  • Perform Financial Counselling.
  • Loan Origination.
  • Servicing of Mortgage.

 

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