NMRC, Modern Shelter partner to deepen access to affordable housing

The Nigeria Mortgage Refinance Company (NMRC), has signed a Memorandum of Understanding with Modern Shelter Systems and Services Limited (Modern Shelter),a pioneer mortgage brokerage and real estate marketing firm to address the removal of barriers to home ownership for off takers.

These barriers include issues such as equity contribution constraints, access to mortgage loans and delivery of qualitative and affordable housing.

The partnership agreement will see NMRC and Modern Shelter working together towards the provision of housing finance, training, research, advisory and project structuring to increase housing stock. This will drive mortgage creation and penetration in Nigeria, using alternative financing mechanisms that align with NMRC’s underwriting standards.

The agreement is also expected to promote knowledge, technological transfer and support that grants Modern Shelter access to and use of NMRC’s flagship Housing Market System (HMS) as a means of mortgage prequalification and source of investment for construction finance.

According to NMRC’s Managing Director/CEO, Professor Charles Inyangete, in driving mortgage penetration and influencing housing stock development the company has invested substantial sums of money in providing and improving policy requirements and Information systems’ infrastructure. He said this will assist market players like Modern Shelter and Brains and Hammers to make affordable housing delivery and access to finances, as a result of the refinancing support that the agreement will provide through NMRC’s member lending financial institutions.

On his part, the Managing Partner of Modern Shelter Mr Abdulmalik Mahdi noted that Modern Shelter considers NMRC as a major stakeholder in driving home ownership through mortgage refinancing in addition to innovative technology.

He stated that the partnership with NMRC would facilitate access to alternative finance investors and improve Modern Shelter’s ongoing engagement with Sterling Bank and Jaiz Bank using non-interest mortgage banking structures. He added that Modern Shelter has partnered and worked closely with reputable developers such as Nigeria’s foremost housing developer Brains & Hammers Limited, Earthpoint Development Services and others to ensure availability of good and affordable housing stock for clients of different income brackets.