Landwey, one of Nigeria’s top real estate firms has unveiled its new product, WeyMoney to offer financial credit service to all its existing estate subscribers at a single interest rate.
Subscribers of LandWey only need to leverage on properties they purchased from the firm as collateral to access the loans, which are up to 70percent of such properties’ current market value.
Speaking during the unveil of the product in Lagos, Olawale Ayilara, founder and CEO, LandWey said in the company’s continued quest to ensure its clients maintain financial stability and see their investments reach fruition, Landwey has created this unique, customer-centric solution that furnishes the most convenient, easy access loan facility for its subscribers.
According to Ayilara, with WeyMoney, all subscribers can access funding that helps them stay financially afloat, take care of business that can’t wait, and access loan facility in record time.
“WeyMoney is the first in the Nigerian market to be done by a real estate company. There are lots of problems around mortgages in Nigeria. People are not able to access small scale loans for their businesses. To borrow money from the bank, you will need your property as a collateral most of the time. As a result, it is often hard for entrepreneurs to get quick loans from banks.
“Banks give them interest rate as high as 25 to 40percent. We believe that we can add value to our clients through this product. Most of our clients are business owners. They have properties with us and with their properties; they are eligible to get loans at single digit interest rate.
“So we will be leveraging the properties our customers bought from us to give them loans at single digit interest rate. This will be a win-win situation. We test ran it and it has been accepted by our customers,” he explained.
According to Ayilare, some of the benefits of WeyMoney include variable rate loan, zero deposit, loan terms up to one year, credit up to 70 percent of client property’s current market value, interest residual in single digit, quick payout and zero fees for early loan repayment.
Other benefits he noted includes absence of guarantor required, no extraneous or external collateral needed, simplicity in loan processing and approval, zero bank-blacklisting worries and image injury, utmost confidentiality and complete peace of mind through the entire process.
Also speaking during the launch, Olamide Opadiran, Financial Controller, LandWey said LandWey is a real estate with a difference and it tries to look for new innovations to meet clients’ needs and change the perception of people on what real estate is in Nigeria.
Speaking on its new product, she said, “WeyMoney is a client-centred initiative to meet the needs of our clients. In as much as we want people to invest in real estate in general, there are opportunities we think they should enjoy from us. This product will reach the business and commercial needs of our clients, thereby adding value to them. This has not been offered by any other real estate firm in Nigeria.”
