title: EXPLORING ACCESS TO FUNDING A REAL ESTATE DEVELOPMENT – A CASE STUDY OF GOSHEN GARDENS ESTATE IN MOWE, OGUN STATE, NIGERIA.
Creators: name: Aigbedion, Tina Imoiseme
name: Aigbedion, Tina Imoiseme
Publisher: name: University of Liverpool Repository
Year: 2026

description: The Real estate sector in Nigeria currently faces a significant funding gap. This study primarily examines access to real estate development funding in Nigeria as it affects the financial growth of small and medium-scale real estate development companies. Traditionally, the sources of funding by the small to medium-scale real estate companies are from the private network of friends and family, which can be in addition to self-funding by the organisation or borrowing from the banks with high-interest rates of between 23-28% per annum. Self-funding or funding by organisations alone is not sustainable. Also, the high-interest rates charged by the banks is another challenge as the interest rates, if applied, will quickly double the borrowed fund in as little as four years. The study's primary objective is to provide decent and affordable housing for all strata of society in and around Lagos environs, which will provide much-needed growth for the organisation. The study aims to answer how a real estate firm in Nigeria can access competitive funding to build decent and affordable housing. How competitive funding affects the financial growth of real estate firms in Nigeria, and how stakeholders impact the access to competitive funding in the Nigerian real estate sector. Action research methodology, which allows different methods to collect data, was adopted for this study to explore access to funding from the stakeholders' perspective; the stakeholders are both internal and external and run across different facets of society. As a result, it involved the integration of different action research cycles to collect data. The first cycle of research shows that competitive funding is necessary to provide decent and affordable housing. This challenge was addressed through the Contemporary Real Estate Finance Solution (CREFS) as the actionable solution. The solution can also be altered to suit other situations by combining an abridged land-based finance system and CREFS where there is no existing land. Likewise, findings from the next cycle using qualitative analyses revealed that the banks and other financial institutions' conditions for loan advancement are not within the competitive range hence not suitable for real estate development. Thus, competitive funding affects, to a large extent, the financial growth of a real estate company in Nigeria. Furthermore, the multiplicity of stakeholders' roles and poor management strategies has added to the funding problem. The sector's poor paucity of government policies enabled stakeholders' negative impact. The findings from this cycle stipulate a holistic model DAHM-Decent and Affordable Housing Model that addresses competitive funding comprehensively. The study recommends that the real estate developer adopt the CREFS and an abridged land-based system to access competitive funding or DAHM for a more comprehensive approach to accessing competitive funding in real estate development. Government policies are also recommended for stakeholders' management, sustainable funding strategy, and negating other prevalent negative impacts from some stakeholders. Good policies will stem delays in project completion and enhance affordability and timeliness. These policies would motivate property developers to embark on project development.