Million-dollar US home loans surging ahead
Banks dishing out mortgages of up to US$10m; first-timers don't have it so easy
[WASHINGTON] Banks in the United States are handing out mortgages of as much as US$10 million to the wealthy in record numbers while first-time homebuyers struggle to get loans.
Erin Gorman, managing director at Bank of New York Mellon, said she's fielding more requests for home loans of at least US$2 million than ever before. She recently provided a mortgage of more than US$6 million for a client's purchase of a second property in Colorado.
"These high-net-worth borrowers do act differently than first-time buyers, who borrow because they have to," said Ms Gorman, who serves as the national mortgage sales director at Bank of New York Mellon's wealth management group based in Boston. "High-net-worth borrowers don't have to borrow. They choose to, so they're very strategic about what, why, and when they borrow."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore office rents in central region fall 1.7 per cent in Q1 after rising for 9 quarters
Singapore retail rents slip 0.4% in Q1 as vacancy rates creep up
Country Garden plans to present debt revamp plan in H2, sources say
Hong Kong home prices rise for first time in 11 months after curbs scrapped
HDB resale prices accelerate, rising 1.8% in Q1 on stronger demand
Private home prices ease to 1.4% rise in Q1; rents fall a further 1.9%