Jump to content
House Price Crash Forum
Sign in to follow this  
strbear

$30m Io Mortgage - Sub-prime Or Not? You Decide

Recommended Posts

OMG!

Mr. Kantrowitz is currently arranging interest-only mortgages for four borrowers in Manhattan, each for $30 million or more, for two apartments and two town houses they want to buy or refinance.

And why are they doing it?

Lenders are eagerly financing these multi-million-dollar mortgages because they are trying to make up for declines in nearly all other segments of the mortgage market, said Robert D. Manning, director of the center for consumer financial services at the Rochester Institute of Technology

Clearly these can't be sub-prime loans as the applicants can afford the repayments?

“I’ve seen more $10 million mortgages in the past 6 months than in the past 10 years,” said Melissa Cohn, the president of Manhattan Mortgage Inc. “We have the new breed of buyers who are buying real estate for investments and consider leverage to be part of that ongoing investment.”

Well thats OK then - at least there isn't going to be a global credit crunch that will cause it to end in tears!

Enjoy

SB

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 355 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.