Platform Terms & Conditions

You represent and warrant that all information you provide during registration and throughout your use of the Platform is accurate, current, and complete. You agree to update your information promptly if it changes. The Last Rent is not responsible for any consequences arising from your provision of inaccurate or incomplete information.

Your account is personal to you and may not be shared with, transferred to, or used by any other individual or entity without the prior written consent of The Last Rent.

Prior to completing your registration, you will be required to read and accept The Last Rent's Service Agreement. Your acceptance of the Service Agreement is a mandatory condition of registration. The time, date, IP address, and device of your acceptance are permanently logged and cannot be deleted.

The Platform provides access to a curated portfolio of vetted residential and commercial properties across Nigeria. Every property listed on the Platform has been verified by Afrikcity Development Limited for title document integrity, developer credibility, and mortgage eligibility.

The Last Rent facilitates access to MREIF mortgage financing at 9.75% per annum, fixed for up to 20 years, through its primary EFI partner, Fidelity Bank Plc, and other approved EFI partners. Mortgage decisions are made solely by the relevant EFI.

For eligible formal sector workers with active NHF contributions, The Last Rent facilitates access to NHF mortgage financing at 6% per annum through FMBN-accredited Primary Mortgage Banks.

The Last Rent facilitates structured installment purchase arrangements between Clients and Developer Partners for properties listed with the Installment Plan Available badge. Installment plan durations of 12, 24, and 36 months are available.

The Last Rent coordinates the documentation, purchase agreement, and title transfer process for Clients who choose to purchase a property in full.

The Last Rent facilitates access to construction finance and self-build loan products for clients seeking to build on owned or acquired land.

The Platform provides free calculation tools enabling Clients to estimate their monthly payment for any property listed. These calculations are for informational purposes only and do not constitute a mortgage offer or guarantee of financing.

A free five-question eligibility screening tool assesses a Client's financial profile and recommends the most appropriate payment option. The result is not a guarantee of mortgage approval.

Registered Users may participate in The Last Rent's referral programme. Full details are set out in Section 7.

The Last Rent provides free initial mortgage consultation services to registered Users through its in-platform booking system. Consultations are not a substitute for independent legal or financial advice.

A transaction is considered successfully completed, and the service facilitation fee is triggered, upon the occurrence of any one of the following events:

• Issuance and acceptance by the Client of a mortgage offer letter by an EFI, confirming disbursement of the mortgage funds to the Developer Partner.
• Confirmation of the final installment payment by the Client under a Developer Installment Plan.
• Confirmation of receipt of the full property purchase price by the Developer Partner under an Outright Purchase arrangement.

The service facilitation fee is not payable in the following circumstances:

• Applications declined by an EFI for any reason.
• Client withdrawal from the transaction before the relevant completion event.
• Transactions that fail due to the discovery of title defects after application submission.
• Transactions that fail due to circumstances entirely beyond the control of the Client.

The service facilitation fee is invoiced by LastRent Services Limited within 14 days of a transaction being confirmed as successfully completed. Payment is due within 30 calendar days of the invoice date.

The Client selects a MREIF-eligible property, completes the eligibility quiz, registers on the Platform, provides the required documentation, and The Last Rent packages and submits the mortgage application to the relevant EFI. The Client must provide an equity contribution of a minimum of 10% of the property purchase price. The maximum loan amount is ₦100 million.

The Client selects a property, confirms the plan duration (12, 24, or 36 months), pays an initial reservation deposit of a minimum of 10% of the total purchase price, and signs the Installment Purchase Agreement. Price increases are not permitted after a Reservation Letter has been issued.

The Client signs the Outright Purchase Agreement and makes the full payment directly to the Developer Partner's designated account. Title transfer is completed within 30 calendar days of full payment confirmation.

Where a Client misses two or more consecutive monthly installment payments after the expiry of the applicable 14-day grace period, The Last Rent may cancel the reservation. Upon cancellation, the Client will receive a refund of 80% of all installment payments made to date (excluding the initial reservation deposit) within 30 calendar days. LastRent Services Limited retains 20% as a non-refundable administration and reservation fee.

Clients applying for any mortgage product through The Last Rent are required to provide complete, accurate, and up-to-date documentation, including but not limited to:

• Three months' payslips or six months' bank statements (salaried clients).
• Two years' bank statements (self-employed or business owner clients).
• Valid government-issued identification (NIN, International Passport, or Driver's Licence).
• Tax Identification Number (TIN) and current tax clearance certificate.
• Employment letter or Certificate of Incorporation and business registration documents.
• RSA statement, where pension drawdown is being utilised as part of the equity contribution.

By submitting documentation through the Platform, you represent and warrant that all documents provided are genuine, accurate, and unaltered. The submission of fraudulent, forged, or materially misleading documents is a serious criminal offence under Nigerian law and will result in the immediate termination of your account.

All documents submitted through the Platform are stored securely and are accessible only to the Client, The Last Rent's authorised Mortgage Operations team, and the relevant EFI. Document storage and handling complies with the NDPR.

The total mortgage application process typically takes between 24 and 28 weeks. This timeline is indicative and subject to the internal processing requirements of the relevant EFI, title documentation status, and Client responsiveness.

Every registered Client receives a unique personal referral code upon completing registration. Clients may share their referral code or link with individuals who have not previously registered on the Platform.

Referral commissions are payable within 30 calendar days of the referred Client's transaction being confirmed as successfully completed. Referring Clients must provide valid bank account details before any commission payment can be processed.

The Last Rent reserves the right to commence referral commission payouts after the first ten (10) successful transactions on the Platform have been confirmed. Commissions accrued prior to this threshold will be paid after the threshold is reached.

Referral commissions are not payable in respect of: registrations alone, eligibility quiz completions, property bookings, or incomplete applications. The commission is triggered only by the events listed in Section 4.2.

The creation of fraudulent or fictitious referral accounts, self-referrals, or any attempt to manipulate the referral system in bad faith will result in the immediate forfeiture of all accrued referral commissions and the permanent suspension of the offending Client's account.

Every property listed on the Platform has been physically verified and assessed by the Afrikcity Development Limited team before being published, including review of the developer's track record, inspection of the property's construction status, and review of title document type and registration status.

The Verified by Afrikcity badge confirms that Afrikcity has completed its internal verification process. It does not constitute a legal guarantee of title or a warranty that the property is free of all encumbrances. Clients are strongly advised to engage a qualified Nigerian property lawyer to conduct independent title verification.

Where a title defect is discovered after a mortgage application has been submitted, and such defect was not disclosed by the Developer Partner prior to listing, The Last Rent will not charge a service facilitation fee for that transaction.

While The Last Rent conducts verification on all listed properties, Clients are independently responsible for conducting their own due diligence and are encouraged to visit any property they intend to purchase before committing to an application.

The Last Rent collects personal data including: full legal name, email address, WhatsApp number, date of birth, NIN, BVN, employment and income information, and documentation submitted during the mortgage application process. BVN and NIN data are encrypted at rest and in transit and are never stored in plaintext.

Your personal data is used for processing your registration, facilitating your application, communicating application status updates, operating the referral programme, and complying with applicable legal and regulatory obligations. The Last Rent does not sell your personal data to third parties.

Your personal data is shared with the relevant EFI handling your mortgage application and the Developer Partner for the property you are purchasing. Your data is not shared with any other third party without your explicit consent.

Your account data is retained for as long as your account remains active and for a period not less than seven years after the completion or termination of any transaction, in accordance with applicable Nigerian financial recordkeeping requirements.

The Last Rent is not responsible for any mortgage application that is declined by an EFI. Mortgage approval decisions are made solely by the relevant EFI based on their internal credit policies.

The Last Rent is not liable for any delays in property construction or delivery, changes in developer leadership, developer insolvency, or any other failure by a Developer Partner to fulfil their obligations.

While The Last Rent verifies all properties listed on the Platform, it makes no representations regarding the physical condition, structural integrity, habitability, or fitness for purpose of any listed property beyond what is confirmed in the Verified by Afrikcity assessment.

The Last Rent is not liable for any changes to the MREIF programme, NHF programme, or any commercial mortgage product that occur as a result of government policy decisions, EFI policy changes, or market conditions.

The Last Rent endeavours to maintain the Platform at 99.5% uptime. However, The Last Rent is not liable for any loss or damage arising from temporary unavailability of the Platform due to scheduled maintenance, technical failures, cyberattacks, or force majeure events.

These Terms and Conditions shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, without regard to its conflict of law principles.

If a dispute cannot be resolved informally within 30 days, the parties agree to refer the dispute to mediation or arbitration under the Arbitration and Conciliation Act (ACA) of Nigeria. The seat of any arbitration shall be Enugu, Nigeria. The language of arbitration shall be English.

If mediation or arbitration fails to resolve the dispute, either party may bring the matter before a court of competent jurisdiction in Nigeria. The parties hereby submit to the exclusive jurisdiction of the courts of Enugu State, Nigeria.