THE BRIDGE INITIATIVE

A loan given to a borrower for the purchase of a home or investable property. The borrower is required to transfer the title of the property to the lender until all payments on the mortgage is completed.

How much you can borrow depends on a lot of factors including your income, age and length of active working life.

No. you need to open an account with Refuge Mortgage Bank before you can access a mortgage loan.

This will depend on your ability to meet all the loan requirements. The facility will be disbursed immediately all documentation are complete.

It varies depending on the loan amount desired by the borrower. Underwriting standard requirements vary from 20% to 50%.

Market forces determine interest rates as regulated by the Central Bank of Nigeria.

You can apply for a maximum tenor of 3-5 years depending on your age and active working life.

Yes we can refinance other mortgage facilities taken from other banks on more flexible terms.

You need to have a current account first. All mortgage applications are treated based on merit. Other documents include offer for sale, a copy of the title documents of the property, evidence of adequate cash flow to meet repayments, a Legal search report on the property, a valuation report on the property, Credit Search on the prospective buyer.

 The customer

Home Purchase Mortgage: this is granted to a borrower to purchase a house

Refinanced Mortgage: this is given to pay off an existing mortgage. This mostly happens when new mortgage offers have more favorable terms, especially lower interest rates, longer tenor e.t.c

Equity Release Mortgage: this is a facility where the property owner decides to realize the value of a property which has been built with personal funding and have no mortgage or loan obligations on it. The person will be required to enter a mortgage contract where the value of the property is paid to the with the property as collateral. The borrower is given the opportunity   to raise funds that could be applied to meeting other expenses.

Mortgage repayments will be structured to meet your cashflow and in line with prevailing economic indices

Lump sum repayments are allowed, and it will help to reduce your interest payable.

Foreclosures do not immediately come in when there is a default. Foreclosures will only become an option when all other avenues for settlement have been exhausted.

We allow you to structure your repayments in line with your income.

You are allowed to take possession of your property while still paying your mortgage. The only exception is that you are not allowed to dispose of your property while still paying your mortgage

That is not a problem. We will help you draft an income statement based on your sales and expenses

Yes your application can be done through the internet and you will have our staff visit you for any other requirement. Or when you will required to come and sign some loan documents.

There will be a token fee called the facilitation fee paid to RMB to ensure your interest is protected.

Yes, Equity release is accepted to buy a property in this initiative, however, it is subject to documentation.

To buy a property outside Lagos is not on this initiative yet, however you can contact RMB for discussions.

Credit analysis and review from credit bureaus as well as credit report of client

Dependent on risk analysis done but hovers around MPR + 5 = 30/32%

REFUGE at the meet where accounts will be opened, initial payments made based on property chosen

Ownership is transferred and payment refunded