A real estate company, Landwey Investment Ltd, on Thursday launched a financial credit service that would help to solve mortgage challenges in the country.
Mr Olawale Ayilara, Chief Executive Officer, Landwey Investment Ltd., said during the launch of “Wey Money” in Lagos that the move was in line with its continued quest to ensure that its clients maintained their financial stability in spite of their investments in real estate.
The News Agency of Nigeria (NAN) report that Wey Money is a financial credit service accessible to all existing property subscribers of Landwey.
“We all know that to borrow money from the banks, you will need your property as a collateral, but many entrepreneurs find it difficult to get quick loans from the banks.
“Most of them go through loan sharks who give loans at 25 to 30 per cent interest rate, but with this scheme, I believe we can add value to our clients.
“Going by our data, a lot of our clients are business owners, so we thought of how best to add value to the services we render to them since they have properties with us.
“We will leverage with the property they have with us while we use part of the resources that we have to give loans to our customers at single digit interest rate of nine per cent using the property as collateral,” he said.
Ayilara said the scheme was a win-win initiative, as Wey Money offers variable rate loan with zero deposit required and access to 70 per cent of the property’s current market value.
According to him, its asset base is one of the biggest in the real estate sector with over 24,000 realtors currently marketing its products in different parts of the country and abroad.
Ayilara said that the firm takes pride in creating opportunities for corporates, businesses and individuals in the nation’s real estate sector.
He said that there was a lot of potential in Nigeria’s real estate sector and a need to evolve innovative products that would add value to citizens and invariably the economy.