There's probably a fintech solution out there for the mortgage market in Nigeria. If the FG won't do it, someone has to.

You're just going to have to build the entire chain or create the ecosystem template from perfecting land titles to selling the first apartment.

You're going to have to own land, build blocks of apartments for sale (preferably 2-bedrooms), then sell on a rent-to-own or pure mortgage financing scheme. You will have to provide amenities. If you can keep your financing and building costs low...

and you tie most of your profit into the sale value of the houses, you can afford to have the mortgages written at single digits. On the back end, you can create notes to be sold in foreign capital markets to refinance these mortgages at cheaper rates than you're issuing them

Here comes the ecosystem. The landowner and developer is one entity, the actual builder and construction company is another. The mortgage entity is another. The client signs up with the developer, selects the builder he wants, and applies to the mortgage entity for the mortgage

Let walk through a transaction:

A client approaches the platform and selects a developer (Developers are in different areas of town). The developer gives him a catalog of builders and house types. The client selects an apartment type and builder. The Developer sets up a meeting

between builder and client. They agree on everything from roofing to interior finishings. Houses are either custom or standard (no client input). Builder provides an invoice to developer directly later. Developer puts mark up for land value and profit, then sends to client.

Client sends invoice to mortgage entity, on platform, provides all necessary documents and receives approval to provide 10% upfront payment. Mortgage entity from the moment the client applies, writes a note and offers mortgage for sale on debt market. A buyer buys at say 7%.

Mortgage company issues mortgage to client at 7% + their markup, say 2-2.5%. Client mortgage is issued at 9.5%. Client sends mortgage approval to developer, who contacts his own bank to process loan to build. Bank writes own note to finance building, sells to a buyer...

Issues loan to developer, who pays builder in instalments. Rest of the loan stays in a safe fixed income instruments earning returns while builder completes home over a 6-9 month period. Over time, builder finishes home, receives full payment, hands over home after inspection.

Developer notifies mortgage entity and receives full payment. Takes earnings on loan and profit margin, pays off building loan to bank, who pays off on their note. Pocketing the difference in rates as profit. Client receives notice to come perfect docs from mortgage coy...

House is handed over to client, who makes first mortgage instalment payment immediately. Mortgage entity, makes monthly payment to note buyer also, keeping the difference in rate as profit.

BTW, who is the note buyer? A bank sitting on customer deposits that are zero to

low interest-earning that sees the rate on the note as profitable enough to cover those rates and still earn a margin. So as long as the client keeps paying, the mortgage company keeps earning, the note buyer keeps earning, the customers who own the deposits have their funds also

The developer is fully paid, the builder is fully paid, the government receives their perfection fees etc. The system stays working, as long as the clients keep paying.

And even if the clients start defaulting, there can be a mortgage insurance element included...

I ain't even gonna front, the work to get this done requires heavy lifting. Not the type that we like to do.