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Building Loan Contract for Nigeria

Building Loan Contract Template for Nigeria

A Building Loan Contract governed by Nigerian law is a comprehensive financing agreement between a lender and a borrower for the purpose of funding construction projects. This document is structured according to Nigerian banking regulations, construction laws, and contract law principles, incorporating specific requirements from the Central Bank of Nigeria and relevant property legislation. It details loan terms, disbursement conditions tied to construction milestones, security arrangements, and compliance requirements while providing robust protection for both lender and borrower interests in the context of Nigerian construction financing.

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Building Loan Contract

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What is a Building Loan Contract?

The Building Loan Contract is a specialized financing instrument used in Nigeria when a borrower requires funding for construction projects, whether commercial, residential, or industrial. This document is essential for structuring construction financing in compliance with Nigerian banking and property laws, including the Central Bank of Nigeria Act, Banks and Other Financial Institutions Act (BOFIA), and the Land Use Act. The contract typically includes detailed provisions for loan disbursement linked to construction progress, security arrangements, technical requirements, and regulatory compliance measures. It's particularly important in the Nigerian context where construction financing requires careful structuring to address local property rights, building regulations, and banking requirements. The Building Loan Contract serves as a crucial tool for managing risk in construction financing while ensuring all parties' interests are protected under Nigerian law.

What sections should be included in a Building Loan Contract?

1. Parties: Identification of the Lender and Borrower with full legal names and addresses

2. Background: Context of the loan agreement, purpose of the construction project, and brief property description

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Amount and Purpose: Specification of the loan amount, interest rate, and confirmed purpose of the building loan

5. Disbursement Terms: Conditions and schedule for loan disbursement, including construction milestone requirements

6. Interest and Repayment: Details of interest calculation, repayment schedule, and payment methods

7. Security and Collateral: Description of security arrangements, including property mortgage and additional collateral

8. Construction Requirements: Specific construction obligations, timelines, and quality standards

9. Borrower's Representations and Warranties: Borrower's confirmations regarding legal capacity, property ownership, and project validity

10. Conditions Precedent: Prerequisites that must be satisfied before loan disbursement

11. Covenants: Ongoing obligations of the borrower during the loan term

12. Events of Default: Circumstances constituting default and consequences

13. Remedies: Lender's rights and remedies in case of default

14. General Provisions: Standard contract clauses including notices, amendments, and governing law

What sections are optional to include in a Building Loan Contract?

1. Insurance Requirements: Detailed insurance obligations - include when project size or complexity demands specific insurance coverage

2. Environmental Compliance: Environmental requirements and warranties - include for projects with potential environmental impact

3. Construction Contractor Provisions: Specific requirements for contractors - include when lender requires control over contractor selection/management

4. Cost Overrun Provisions: Handling of construction cost overruns - include for larger construction projects

5. Property Management: Post-construction property management requirements - include for commercial building loans

6. Guarantor Provisions: Terms relating to guarantors - include when personal or corporate guarantees are required

What schedules should be included in a Building Loan Contract?

1. Schedule 1 - Property Details: Detailed description of the property and construction site

2. Schedule 2 - Construction Plans and Specifications: Approved building plans and technical specifications

3. Schedule 3 - Disbursement Schedule: Detailed breakdown of loan disbursement stages and corresponding construction milestones

4. Schedule 4 - Repayment Schedule: Detailed loan repayment schedule with dates and amounts

5. Schedule 5 - Required Permits and Approvals: List of required regulatory permits and approvals

6. Appendix A - Construction Timeline: Detailed project timeline with key milestones and completion dates

7. Appendix B - Form of Contractor Agreement: Template or requirements for construction contractor agreements

8. Appendix C - Required Insurance Certificates: Specifications for required insurance coverage and certificates

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions





















































Clauses








































Relevant Industries

Banking & Financial Services

Real Estate Development

Construction

Commercial Property

Residential Property

Industrial Development

Infrastructure Development

Urban Development

Relevant Teams

Legal

Finance

Risk Management

Compliance

Credit

Real Estate

Construction Management

Project Management

Property Development

Facilities Management

Contract Administration

Relevant Roles

Legal Counsel

Finance Manager

Construction Manager

Property Developer

Bank Manager

Risk Officer

Compliance Officer

Project Manager

Real Estate Manager

Credit Analyst

Construction Loan Officer

Property Valuation Officer

Contract Administrator

Development Director

Facilities Manager

Industries








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