Mortgage loans are generally demanded and given for buying, building or renovating houses and when borrowers demand this loan, they are required to bring about 30 per cent of the loan amount they want as their equity contribution.
Because of the challenges in the housing market, banks have become lending shy to real estate developers and investors alike. Where a developer is lucky to find a willing lender, it is not only that the interest rate is unjustifiably high, the borrower is also required to produce off-takers for the
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Chuka Uroko
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