Yield-backed lending for landlords who keep their books.

Yield-backed lending for experienced landlords and small developers — underwritten on the asset's verified rental yield, then on the borrower's balance sheet.

22.0% p.a.

Yield-backed rate

₦500M

Maximum facility

15 years

Maximum tenure

Start application → See your monthly ↓

How this works

From rental roll to offer letter.

Submit your rent roll

Provide two years of signed tenancy schedules and receipted rent. We screen your portfolio for REIF or M-REIF fit in the same submission form.

Independent rental valuation

We commission a RICS-standard independent rental valuation and cross-check against your actual receipts over the prior 24 months. Short-let income is discounted 35%.

DSCR assessment and offer

Debt-service coverage must clear 1.30x on signed long-let tenancy income at the offered rate. Indicative offer letter issued within five working days of complete documentation.

First charge and disbursement

We register a first legal charge on the property. Equity contributions may include up to 20% from an unencumbered asset you already hold. Funds release on clear title search.

Criteria

Who this is for.

REIF is for borrowers who already operate at least one let property, who can produce two years of tenancy schedules and rent-roll evidence, and who treat their property holdings as a business rather than a hobby.

✓

Active landlord with at least one let property

Career landlords with three or more let units are the centre of this product. Single-property first-time investors are better served by M-REIF.
✓

Two years of verifiable tenancy history

Signed tenancy schedules, receipted rent over the prior 24 months, and banking trail for all rental income. Cash-only rent receipts are not accepted.
✓

Properties in our lending geographies

Residential lettings in Lagos (Lekki Phase 1, Ikoyi, Surulere, Yaba, Magodo) and Abuja (Wuse II, Maitama, Jabi, Gwarinpa). Mixed-use ground-floor retail with residential upper floors in established corridors.
✓

CAC registration and clean title

Properties held through a single-purpose holding company are accepted. Contested titles or informally claimed perimeters are not. We will ask for a plain ownership map if the structure involves an SPV.
✓

DSCR of at least 1.30x

Debt-service coverage ratio calculated on signed long-let tenancy income at the offered rate. We do not lend on off-plan units pre-completion or on hospitality, warehousing, or agricultural assets.

Documentation

What you'll need.

We expect to see your CAC documents, your most recent FIRS filings, and a clear ownership map if the property is held through an SPV.

Property portfolio schedule

Full list of let properties with addresses, floor areas, and current occupancy status.

Signed tenancy agreements

All current tenancy agreements, signed by both parties, with agreed rent and term clearly stated.

24-month rent receipts

Bank statements showing rental income receipts over the prior two years. Cash-only income is not accepted.

Title documents

Certificate of Occupancy or Governor's Consent, deed of assignment, and current survey plan.

CAC documents + FIRS filings

Certificate of incorporation, memorandum and articles (if SPV), and most recent two years of FIRS returns.

Personal financial statement

Six months of personal bank statements, existing loan schedules, and a net worth declaration.

Pricing

The numbers, in plain sight.

Indicative rate

22.0% p.a.

Reducing-balance basis. Set at MPR plus a margin agreed at offer, fixed for 24 months, then reviewed annually with a 250 bp cap.

Maximum facility

₦500M

Loan-to-value capped at 60% of the lower of purchase price or independent valuation. Equity may include up to 20% from an unencumbered asset you already hold.

Tenure range

5 – 15 yrs

Interest-only periods of up to 24 months are available on construction-completion or stabilisation cases, after which the loan moves to full amortisation.

Rate is MPR-plus, fixed for the first 24 months. On the 25th month, the rate is reviewed annually. Any increase is capped at 250 basis points above the prior rate. You receive at least 30 days' written notice before any rate change takes effect — this is a contractual obligation, not a policy.

Scenarios

Three portfolios, three positions.

The Lekki Phase 1 landlord

₦180M

Three 3-bedroom flats, fully let at ₦4.5M per unit per year. Rental yield of 7.5% on current valuation. REIF funds a fourth unit at 60% LTV. Amortisation begins after a 12-month stabilisation window while the new flat is tenanted.

The Wuse II mixed-use developer

₦320M

Ground-floor retail with four residential floors above. Long-let commercial tenant on a 5-year lease. DSCR clears 1.42x on blended rent roll. Interest-only for 18 months during construction-completion, then full reducing-balance amortisation.

The purpose-built student landlord

₦240M

Twenty-four self-contained units near University of Lagos, averaging 92% occupancy over five academic years. Short-let income discounted 35% per AGMB policy; stabilised long-let equivalent used for DSCR. Equity release funds a second block site purchase.

FAQ

Frequently asked.

Yes, against verified rent and clear title. The equity release must be applied to an articulated use — further property acquisition, business expansion, or documented project costs. We will not process equity release where the end use is unspecified or where the title is subject to any dispute or claim.
1.30x at the offered rate, calculated on signed long-let tenancy income. We discount short-let income by 35% to a stabilised long-let equivalent — we have seen too many Lagos short-let books that look beautiful at peak season and collapse in the off-season. If your portfolio is majority short-let, speak to an advisor before submitting.
Yes, where the borrower is a Nigerian citizen or holds Nigerian property through a CAC-registered entity. A local director and a registered address in Nigeria are required. We cannot process applications where the only Nigerian connection is citizenship without local legal structure.
At MPR plus a margin agreed at offer, fixed for 24 months, then reviewed annually with a 250 basis-point cap on any single adjustment. You will receive at least 30 days' written notice before any rate change takes effect. The margin agreed at offer is stated in the offer letter and does not change; only the MPR component may vary.
On a case-by-case basis, with senior-debt seniority. We do not take equity positions in any development. Our exposure is debt-only; returns to AGMB are interest and fees, not profit participation. Joint-venture structures must include a clear exit mechanism for the senior debt at or before a stated longstop date.
We will not lend against off-plan units pre-completion. We will not lend on properties where rental income is paid in cash with no banking trail. We will not lend where the title is contested or where the perimeter is informally claimed by adjoining landholders. We do not lend on hospitality assets, warehousing, or agricultural land.

Talk to a mortgage advisor

Not sure which product fits? We'll route you.

One call to walk through eligibility for NHF, M-REIF, Commercial, Construction, and REI. No commitment.