Infinity Trust Mortgage Bank gets N2.7b facility from DBN – Infinity Trust Mortgage Bank (ITMB) Plc has secured a N2.7 billion loan from the Development Bank of Nigeria (DBN) for lending to further deepen mortgage penetration and inclusion.
ITMB Managing Director Dr. Olabanjo Obaleye said the facility demonstrated ITMB’s strong financial capacity and rating,
He said the cash would help the mortgage bank to further expand its product offerings to operators in the micro, small and medium enterprises (MSMEs) sector, particularly as they constitute more than 90 per cent of enterprises in the country.
“It will help us reach many more customers that are self-employed and those in the Micro, Small and Medium-sized Enterprises (MSMEs) space that want to purchase commercial properties like shop and offices. This will also improve financial inclusion for mortgage products,” Obaleye said.
He urged those in the MSMEs sector and small corporates who are interested in accessing a mortgage loans to build and purchase residential or commercial properties to visit any of ITMB’s office locations for thorough guidance and necessary approval.
“Shelter is one of the basic human needs, this is why we are passionate about providing needed mortgage loan to deserving Nigerians, particularly those in the MSMEs sector to purchase properties. This will further broaden the mortgage penetration depth in the market.
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‘’We have simplified our processes in such a way that a mortgage loan can be disbursed within three days to an individual, giving that the applicant meets all the mandatory requirements.
We have streamlined our processes and incorporate the use of technology which has made the disbursement of loan to individuals so fast, making us the leading primary mortgage bank in Nigeria which is reflected in our financial results,” Obaleye said.
He added that the bank has consistently demonstrated strong brand by maintaining consistent profitability over the years and operating resilience through strong regulatory entity and service ratings.
He noted that the bank’s results are also indicative of the proactive leadership and versatile management of the bank in maintaining key performance indicators despite the global impact of the pandemic.
According to him, Infinity Trust is one of the leading and most capitalized primary mortgage banks in Nigeria having significantly increased its shareholders’ funds from less than N50 million in 2003 to more than N6 billion while maintaining an unbroken record in terms of consistency in dividend payment to shareholders for 14 years running.