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

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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!



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