Mortgage refinancing deepens as NMRC disburses N1bn to Imperial Homes

Mortgage refinancing, a landmark development in Nigeria, has taken off in quite encouraging manner with Imperial Homes Mortgage Bank Limited (formerly GTHomes Limited) becoming the first mortgage bank to be refinanced by the Nigeria Mortgage Refinance Company (NMRC).

NMRC, on Monday, refinanced approximately N1 billion of existing mortgages of Imperial Homes and, according to the authorities of the bank, the refinancing was in pursuit of NMRC’s aim of facilitating the provision of affordable homes to Nigerians at good mortgage rates.

Imperial Homes is one of the few primary mortgage banks (PMBs) in Nigeria that scaled the Central Bank of Nigeria (CBN) recapitalisation huddle to operate nationally. The bank’s long-term view is to achieve low interest rate on mortgage loans to drive affordable housing delivery.

The bank was formerly a subsidiary of GTBank plc. It attained and was granted a national mortgage banking licence by the CBN in June 2014.

In a statement made available to BusinessDay in Lagos, Ben Akaneme, the bank’s managing director, described this refinancing as a milestone, adding that it was an outstanding achievement in the march towards the realisation of affordable and single-digit interest rates for mortgages in Nigeria.

Akaneme assured that the bank would continue to strive to achieve its mission of enabling easily accessible and affordable mortgages to Nigerians in order to ensure housing for all, adding, “with this in view, the bank’s business philosophy and operations are based on four cardinal principles of Customer Focus, Customer services, Innovativeness and Total Quality Management.”

He disclosed that the bank was made up of a team of diligent professionals organised to provide quality mortgage and financial services to organisations, professionals, workers as well as cooperative societies and their members.

“The landmark refinancing brings the vision of homes for all Nigerians within reach,” he said.