Brent Mortgage Bank unveils 3 financing products to meet customers’ needs

 In its commitment to meet needs, delight customers and prospects at home and abroad, as well as grow its market share, BRENT Mortgage Bank limited, an offspring of Skyfield Savings and Loans Limited has developed and launched three new products into the mortgage sub-sector.

Two of the products are targeted at the local market while the other one is meant for Nigerians in Diaspora. The products include BRENTO (Brent Rent to Own) and BREHOP (Brent Retirement Home Plan) and BHODA (Brent Home Ownership Diaspora Account).

“We need products that are not stereotyped, but meet needs of a large spectrum of people and plug the gaps that exist in the nascent  mortgage sector. These we have done painstakingly culminating in our developing two local products and one for Nigerians outside the shores of the country”, Kola Abdul, managing director/CEO of the bank said at the official launch of the products in Lagos.

Speaking on the features of BRENTO, he said customers and prospects are  expected to meet the bank’s affordability and eligibility requirements, and that with payment of little equity contribution, a customer moves into any of the properties financed by Brent Mortgage Bank.

“We thereafter, collect yearly payment of a lump sum which covers mortgage repayment and interest elements for an agreed period of time ranging from (5years to 10years). When the property amount and interests are fully settled, the customer/occupant becomes the legal owner for life. Interest payable is 10 percent per annum which is very competitive”, Abdul said.

For BREHOP, customers and prospects with regular stream of income, especially salary earners can take advantage of this product to become home owners before retirement. An account needs to be opened with us giving details of employment. There would be 30 percent equity build up at the earliest convenience of the customer/prospect. The two parties would identify the property the customer has the capacity to repay without pressure on his take-home pay. Interest rate is negotiable and competitive.

Describing the features of BHODA (Brent Home Ownership Diaspora Account), he said this product is specifically created for Nigerians in Diaspora who desire to own a home or invest in property in their homeland. “By Diaspora, we mean those outside the shores of Nigeria. We realise that Nigerians working hard and living in decent accommodations outside the country also deserve a decent place of abode in Nigeria. We also realise that many of them have not been able to achieve this dream of owing a home of their choice because of the tripod of “funds diversion”, “funds suppression” and “funds conversion” by friends and relations”, Abdul added.

Adewale Dawodu, mortgage expert based in London, who unveiled the BHODA said, “we should be proud of this. The board and management has done a good job. You can go to greater height with this. You have done a fantastic job”.

BRENT is an offspring of Skyfield Savings and Loans Limited 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. The new management moved the organization aggressively and cautiously to an enviable level for recapitalization in two years.