MWFL was incorporated on 12 December, 2014 and is sponsored by MMBs, the Mortgage Bankers Association of Nigeria (“MBAN”), Nigeria Mortgage Refinancing Company Plc. (“NMRC”), Dunn Loren Merrifield Advisory Partners Limited, Lion’s Head Global Partners – as Initial Subordinated Note Subscribers through the African Local Currency Bond Fund, and CitiHomes Finance Company Limited (“CitiHomes”), a CBN-licensed financial institution.
The aim of MWFL is to create an intervention mechanism at the short-end of the mortgage funding curve in support of other efforts of the housing sector stakeholders aimed at easing the current housing finance challenges faced by the Nigerian housing sector. The activities of MWFL are designed to complement those of NMRC, in that whilst NMRC is licensed to provide matching funding and liquidity to the mortgage sector via long-term secondary market refinancing, MWFL will serve to provide an equally reliable and parallel source of short-term funding for financing primary mortgage originations.
This short-term interim finance will enable MMBs to expand their origination capacity and ultimately enable them run their businesses more efficiently and profitably, whilst ensuring the steady growth of the mortgage subsector in the Nigerian housing market. MWFL is the first-of-its-kind warehouse line of credit provider in the Nigerian mortgage market with the sole objective of plugging the current funding gap faced by mortgage lenders in the country in the origination of mortgage loans.