AG Mortgage Bank, a Primary Mortgage institution in Nigeria, has announced the completion of the first tranche of N1 billion only of its N2 billion Tier two Capital issuance.
According to a statement by the institution, the completion was achieved through its Special Purpose Vehicle -AG Funding SPV Limited.
“AG Mortgage Bank provides top-notch mortgage lending and real estate construction financing services to Nigerians. it issued the notes to raise funding to shore up the Bank’s tier two capital needs and ensure it can sustainably create value for its clients through Wealthbridge” the statement said.
Ngozi Anyogu, MD of AG Mortgage Bank, said in the statement that the capital raise has heightened its capacity as a primary mortgage institution.
“It will also go a long way to ensure that the Bank can run its operations of providing mortgage loans and financing for developers undertaking a myriad of real estate projects.”
Ahmed Lawal, group managing director/chief executive officer at WealthBridge Group noted that the company is pleased to support AG Mortgage in its quest to provide superior services and create assets for its clients in innovative ways.
“We have served the Bank in an Arranger’s capacity previously on a Note Issuance of N1.5bn to fund the construction of 108 housing units in Enugu in partnership with Enugu State Housing Development Corporation, and AG Mortgage Bank PLC successfully redeemed the Notes with all investors fully repaid.
“We are positive that this Note issuance will enhance the current base of AG Mortgage Bank’s business lines and assist in absorbing any economic shocks or business uncertainties,’’ he added.