With the country’s present housing deficit estimated at about 20 million, Landwey Investment Limited, has launched a financial credit service scheme, Wey Money, to address the challenge.
The Chief Executive Officer, Landwey Investment Limited, Mr. Olawale Ayilara, explained that Wey money is first of its kind in Nigeria done by a real estate company to help solve issues surrounding mortgages in the country.
He noted that the initiative was also aimed at giving existing estate subscribers of Landwey access to affordable single digit loans of 9 per cent per annum to fund and expand their businesses.
Ayilara, while launching the scheme in Lagos, pointed out the urgent need for real estate companies to start constructing vertical housing units in a bid to maximize the limited available land mass in the State to house more occupants as it is done in developed economies.
In his words, “There are lots of potential in Nigeria’s real estate sector space and there is a lot that needs to be done. We need to start building vertically so that we can occupy the size of population we are building. Lagos is a metropolis city and people move into the city on a daily basis and before you know it in some years to come we would exhaust the land spaces to erect structures. So, there is an urgent need to build vertical housing units that will take more occupants just as they have it in developed countries.
“With WeyMoney, all subscribers can access funding that helps them stay financially afloat, take care of business that cannot wait and access loan facility in record time. The launch is in line with our continued quest to ensure that its clients maintain their financial stability and see their investments reach fruition.”
“We have created this unique, customer-centric solution that furnishes the most convenient, easy access loan facility for our subscribers. Wey Money offers variable loan rate with zero deposit required up to 1 year. You can get access to credit up to 70 per cent of your property’s current market value with conditional pre-approval available and zero fees for early loan repayment,” he added.
He said further: “We all know that to borrow money from the bank, you will need your property to stand as a collateral, but many entrepreneurs find it difficult to get quick loans from the bank and lots of them go through loan sharks who give loans at 25 to 30 per cent interest rate, but with this scheme, believe we can add value to our clients and going by our data, a lot of our clients are business owners.”