A mortgage for Nigerians the formal system overlooked.

Refinance for Nigerians with real income but informal paperwork — sole traders, freelancers, commission-paid professionals. A twelve-month bank-statement record, no FMBN registration required.

9.5% p.a.
Indicative rate
₦120M
Maximum loan
20 years
Maximum tenure
Start application → See your monthly ↓
How this works

Four steps from enquiry to keys.

01
Submit your statements
Twelve consecutive months of bank statements from your primary account. We look at inflow regularity, not employer name. No payslip required at this stage.
02
Income assessment call
A relationship manager reviews your statements and calls you within three working days. We normalise for one-off inflows and confirm two trade references if applicable.
03
Property valuation
We commission an independent valuation on the property. Title must be Governor's Consent or Certificate of Occupancy. We do not lend against unperfected family-land titles.
04
Offer letter and disbursement
Your offer letter states the rate, tenor, monthly figure, total cost of credit, and the IRR. A human underwriter signs your file. Funds release on signed offer and verified title.
Eligibility

Who this is for.

Business trading for two years or more
Sole trader, market operator, commission-paid professional, freelance creative, or SME owner. We look at the history, not the label on your tax form.
Household income of ₦400,000 per month or more
However irregularly it arrives. We assess cash-flow stability over 12 months, not a single payslip figure.
Active domiciliary or naira current account
With a bank registered in Nigeria. Regular inflows — we need 12 consecutive months of statements from this account.
Tax Clearance Certificate or FIRS filing history
From FIRS or your state IRS. Formal CAC registration is beneficial but not strictly required at this stage.
Property with perfected title (Governor's Consent or C of O)
Primary residence or single investment letting. We do not lend against family-land allocations or unperfected titles. Multi-let portfolios route through REIF.
Documentation

What you'll need.

12 months of bank statements
From your primary account. Electronic statements accepted; must show account name, NUBAN, and inflow history.
Valid government-issued ID
NIN slip, international passport, or driver's licence. Must be current and match your bank account name.
Tax Clearance Certificate
Covering the most recent two years of assessment. Issued by FIRS or state IRS. Scanned original accepted.
Two trade references
Contact details and a brief letter from two clients, suppliers, or business partners who can confirm trading activity. Waivable if CAC-registered 3+ years.
Property title document
Governor's Consent or Certificate of Occupancy. Survey plan and deed of assignment where applicable.
CAC registration certificate (if applicable)
Business Name or Limited Liability Company certificate. Assists income verification and may waive one trade reference.
BVN and NIN
Required for identity verification per CBN KYC guidelines. Submitted securely through the application portal.
Equity contribution evidence
Bank statement or receipt showing 25–30% of property value available. Must be self-funded — third-party gifts require a gift letter.
9.5%
Indicative rate per annum
₦10M–₦120M
Typical loan range
10–20 yrs
Available tenor

The first three years of your M-REIF rate are fixed. From year four, the rate floats at MPR + 4.5%, subject to an annual review cap of 200 basis points — so the maximum increase in any 12-month period is 2 percentage points. Your offer letter will state the worst-case repricing scenario in plain language, alongside the effective annual rate and IRR. The rate is locked for 90 days from the date of your indicative offer — no fee, no credit check at the estimate stage.

Use cases

Three borrowers, three routes.

Sole trader
Yemi, textile trader, Balogun Market
Yemi has operated her textile stall for six years. She earns ₦600,000 a month in good months, ₦380,000 in slow ones. She has a current account with clean inflows, a FIRS TCC, and two wholesale suppliers who can write references. She was turned away by two commercial banks for not having a payslip. M-REIF assessed her on a 12-month statement average and approved a ₦28,000,000 loan on a 2-bedroom flat in Gbagada.
Loan: ₦28M · Tenor: 15 yrs · Rate: 9.5% p.a. · Monthly: approx. ₦292,000
Commission professional
Kunle, real estate agent, Lekki
Kunle earns commission from property transactions — ₦1.2M in a strong quarter, ₦200,000 in a quiet one. His employer is a registered agency but does not deduct NHF contributions. His bank account shows consistent annual income above ₦4.8M. M-REIF normalised his irregular pattern and approved a ₦55,000,000 mortgage on a 3-bedroom terrace in Lekki Phase 2.
Loan: ₦55M · Tenor: 18 yrs · Rate: 9.5% p.a. · Monthly: approx. ₦519,000
Freelance creative
Amaka, motion designer, remote
Amaka invoices international clients in USD via a domiciliary account. She has filed with FIRS for three consecutive years and holds a CAC certificate. Her household income converts to approximately ₦750,000 per month at current rates. M-REIF assessed her USD inflows and approved a ₦42,000,000 loan on a 2-bedroom apartment in Ikoyi.
Loan: ₦42M · Tenor: 15 yrs · Rate: 9.5% p.a. · Monthly: approx. ₦439,000
Frequently asked

Questions we get often.

Yes, with caveats. We will look for a clean separation of personal versus business inflows. If you cannot demonstrate this through labelled transactions or a consistent counterparty pattern, we will ask you to operate a dedicated business account for six months before re-applying. This is not punitive — it protects you from being assessed on income that is not actually yours.
The first three years are fixed at the rate stated in your offer letter. From year four, the rate floats at MPR + 4.5%, reviewed annually, with a cap of 200 basis points per review — meaning the rate cannot increase by more than 2 percentage points in any 12-month period. Your offer letter will state the worst-case repricing scenario explicitly.
Yes, after month 36, at no penalty. Before month 36, a 2% prepayment fee on the outstanding principal applies. M-REIF is not a short-term instrument — the early-repayment penalty exists to prevent property flipping under a mortgage label, which would undermine the product's pricing model for other borrowers.
No. The diaspora flow runs through a separate Classic or Diaspora-FX product. M-REIF requires the borrower to be resident in Nigeria and to have an active Nigerian domiciliary or naira account with verifiable inflows. Diaspora-NHF and our Classic product are designed for non-resident Nigerians and handle the cross-currency complexity M-REIF is not structured for.
NHF is statutorily subsidised by the Federal Government. M-REIF is priced against our actual cost of funds plus a risk margin for less-documented income. We will not pretend otherwise. The 9.5% indicative rate is what the product costs to originate and service honestly. If NHF fits your situation, we will route you there instead — the application form screens for both simultaneously.
An indicative offer typically follows within five working days of receiving complete documentation. Full credit assessment, property valuation, and offer letter usually take three to five weeks from that point. M-REIF is not a 30-day approval — it is a careful, mid-tenor mortgage. We will give you an honest timeline at the start of your assessment, not an aspirational one.
Talk to a mortgage advisor
Not sure M-REIF is right for you? We'll route you.
One call to walk through eligibility for NHF, M-REIF, Commercial, Construction, and REI. No commitment.
21 years
advising Nigerian homebuyers since 2005
Book a 15-minute call →