Mortgage banks are banks that specialize in originating and/or servicing mortgage loans. Mortgage banks sell the loans because the funds received pay down their warehouse lines of credit which enables the mortgage bank to continue to lend. Inlay man’s terms, Mortgage banks are loan providers. In this post, I will be sharing mortgage banks in Lagos, a comprehensive list of Mortgage banks in Lagos State, Nigeria.
Mortgage banks are particularly useful in society because the offer funds for businesses to use to scale their businesses. However, there is an interest attached to each loan from a mortgage bank, and in a situation where you are unable to pay back in the speculated time frame, the bank will confiscate the property specified during the service agreement as collateral.
Mortgage Banks In Lagos
Lagos State is one of the most populous and industrious states in the country, with a variety of trading activities taking place. Before sharing the list of mortgage banks in Lagos, let’s first have a look at the basic functions and activities of mortgage banks.
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- Loan servicing
- Originating new loans
- Finding new borrowers
List of Mortgage Banks in Lagos
- Abbey Mortgage Bank
- AG Homes
- Brent (Skyfield) Savings
- Centage Savings and Loans
- City Code
- FBN Mortgages
- Haggai Mortgage
- Gateway Savings
- Home-base Mortgage
- Imperial Homes
- Jubilee-Life Mortgage Bank
- New Prudential
- Refuge Homes
- Resort Savings and Loans
- STB Building Society Bank
The list above contains all mortgage banks in Lagos. Below is a description of a few of them.
Abbey Mortgage Bank
The bank was incorporated on August 26, 1991, and officially began operations on the 11th of March, 1992 after receiving a license to carry on business as a Primary Mortgage Bank (PMB)
AG Homes
AG Mortgage Bank Plc (AGMB) was incorporated on 21st July 2004 as a private limited liability company and obtained mortgage banking license from the Central Bank of Nigeria (CBN) in December 2004. It commenced business in January 2005 as a Primary Mortgage Bank (PMB).
Brent (Skyfield) Savings
Brent metamorphosed from Skyfield Savings and Loans Ltd that started operation in 2002 with N200million Capital base, which was increased to N1billion in 2007. In April 2010 new management and reconstituted board took over the organization. Structure and Strategy to engender growth and good corporate governance were emplaced.
Centage Savings and Loans
Centage Savings and Loans Limited is a facilities services company based out of Ajose Adeogun Street, Lagos, Nigeria.
City Code Mortgage Bank
Citycode mortgage bank limited is a primary mortgage Bank set up for the purpose of serving customers’ interest by helping customers obtain a loan from the Federal Mortgage Bank at a low-interest rate of 6% per annum.
FirstTrust Mortgages Bank
FisrtTrust Mortgage Bank Plc is a mortgage bank resulting from the merger between First Mortgages Limited and TrustBond Mortgage Bank Plc with the intention of creating a strong financial institution which will be capable of playing a headship role in the mortgage banking sector.
Haggai Mortgages
Haggai Mortgage Bank Limited (HMB) is licensed by the Central Bank of Nigeria (CBN) to carry on mortgage banking business. At HMB, our focus is on the provision of tailor-made and specialized banking services to a wide range of customers, with products designed to meet the specific needs of our customers.
Gateway Mortgages
Gateway Mortgage Bank Limited is a Primary Mortgage Bank (PMB) fully owned by the Ogun State Government. It was established and licensed by the Central Bank of Nigeria (CBN) in 2005 and commenced the Mortgage business in February 2006.
Home-base Mortgages
Homebase Mortgages is a primary mortgage Bank (PMB) set up to provide first-class mortgage financial services to professionals, Public service workers, corporate bodies/institutions, cooperative societies, and its members, as well as other interested individuals or groups.
Imperial Homes
Imperial Homes Mortgage Bank Limited is a National Mortgage Bank duly licensed by the Central Bank of Nigeria to undertake mortgage banking and related services.
Jubilee-Life Mortgage Bank
Jubilee-Life Savings and Loans Limited was incorporated as a private limited Liability Company in August 1992. The registered name at incorporation was Gilt-Bond Mortgage Finance Limited, a name that was changed to Jubilee-Life savings and Loans Limited in February 2004.
New Prudential Mortgage Bank
Prudential Mortgage Bank (PMB) is a limited liability company incorporated in July 1991 as New Prudential Mortgage Finance Limited and licensed by the Central Bank of Nigeria (CBN) in February 1992 to commence business as a Primary Mortgage Institution. In 1995, the company changed its name to New Prudential Building Society to reflect its revised business model that was focused on providing real estate advisory and mortgage services to its members only.
Refuge Homes
Refuge Mortgage Bank Ltd is one of the foremost mortgage banks in Nigeria has been in operation since 1993. The bank was acquired by new core investors in 2005 and re-positioned to change the landscape of mortgage banking in Africa.
Resort Savings and Loans
Resort Savings and Loans Plc, with over 20 years of operational experience, has grown steadily in achievements, acceptability, and reputation. With Customer Service as a major drive, combined with a passion to drive the mortgage sub-sector to greater heights, Resort has continued to deliver products that cater to customers’ peculiar needs.
STB Building Society Banks
In line with Central Bank of Nigeria’s regulatory guidelines under the Mortgage Institution Decree No. 53, STB Building Society Limited is licensed to carry out the business of mortgage banking in Nigeria.
Conclusion
If you have been looking for a reliable mortgage bank in Lagos to secure a loan for your assets or business, then you can choose from the list of mortgage banks in Lagos state Nigeria.
