₦airaland Forum

mamatwiny:
There are ppl called developers . They operate mainly in Lagos . You sign documents with them and in the document, it has the amount or cost of the building and the no of years they will collect rent from the building before handing it over to you. The location of the land must be in a developed place with high demand for accommodation.

I have not heard of any developer that is in Anambra.

Banks will only give you legal mortgage if you have turnover and other sources of repayment. You must also have collateral with forced sale value of at least 150% coverage and the maximum duration I have seen for mortgage in a bank is 10 years. It was given to a customer that already had an established business and was expanding.

could you elucidate on the 150% coverage please?

partnerbizz4:
could you elucidate on the 150% coverage please?

There are coys that banks use to value the worth of a property eg diya fatile..., most of them are into estate Mgt. Forced sale value is the least price like a promo price which the property can be sold for buyers to rush it. Assuming you are taking a mortgage of N1 million naira, 150% coverage means that the forced sale value should be minimum of 1.5million naira. This coverage is at the discretion of the bank. Whatever it is, it should cover the loan amount and the accrued interest.

Do you now understand?

mamatwiny:
There are coys that banks use to value the worth of a property eg diya fatile..., most of them are into estate Mgt. Forced sale value is the least price like a promo price which the property can be sold for buyers to rush it. Assuming you are taking a mortgage of N1 million naira, 150% coverage means that the forced sale value should be minimum of 1.5million naira. This coverage is at the discretion of the bank. Whatever it is, it should cover the loan amount and the accrued interest.

Do you now understand?

Tnx

mamatwiny:
There are coys that banks use to value the worth of a property eg diya fatile..., most of them are into estate Mgt. Forced sale value is the least price like a promo price which the property can be sold for buyers to rush it. Assuming you are taking a mortgage of N1 million naira, 150% coverage means that the forced sale value should be minimum of 1.5million naira. This coverage is at the discretion of the bank. Whatever it is, it should cover the loan amount and the accrued interest.

Do you now understand?

Thanks

Interesting

I ran out of money before I expected it. I didn't calculate my expenses well, so I was left with nothing. I had to take out a loan to live to my next paycheck. My friends recommended that I use credit 9 lending bbb. I was skeptical at first, but decided to go for it. I was very happy about it because I didn't regret my decision to use their service.