Best way to finance $2MM condo purchase?

Started by usq

almost 14 years ago

Posts: 30

Member since: Mar 2011

Discussion about

I'm wondering how others have financed condo purchases in the $2MM range. A few things about myself (not sure if relevant): - First home purchase for single, long-time Manhattan resident - Near-perfect credit, no debt - Extensive savings (retirement and non-retirement) but prefer not to pay all cash - Could afford 2MM mortgage (according to standard 28/36 debt-to-income ratios, not sure if applicable) Thanks in advance!

Response by Riversider

almost 14 years ago

Posts: 13572

Member since: Apr 2009

Not much point in borrowing beyond one million. There's no tax advantage, so suggest capping debt at that level. The 50% down gets you more in the comfort zone of where banks are lending.

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Response by w67thstreet

almost 14 years ago

Posts: 9003

Member since: Dec 2008

There not much more to be gained on adding 12 more ounces of cream cheese on a bagel with 12 ounces of cream cheese.. .12 ounces is max.. my hole can't hold more than 12 ounces of cream cheese... so you better just fill your hole with 12 ounces of cream cheese...

Or put 5% and roll the $1.9MM into SPRINT...

Good gawd.. it feels so good to be self serving....

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Response by w67thstreet

almost 14 years ago

Posts: 9003

Member since: Dec 2008

IS this why all the brokers keep telling ppl to buy buy buy.... man I LOVE IT... SPRINT SPRINT SPRINT!

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Response by AndeSedwick

almost 14 years ago

Posts: 11

Member since: Sep 2011

Lots of people finance in the 2MM dollar range. If youd like to talk more in depth, I'd be happy to help. ande@nestseekers.com

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Response by 300_mercer

almost 14 years ago

Posts: 10570

Member since: Feb 2007

usq, I would do 35% down which should be plenty for most banks. If you still have plenty of cash left, do a 5/1 and pre-pay 5% every year. Also, depends on your alternative investment returns. If you are cash type investor, why take a mortgage at all besides for tax deduction. Do not forget that you may need $50-$100k to furnish the place nicely including painting and minor changes.

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Response by w67thstreet

almost 14 years ago

Posts: 9003

Member since: Dec 2008

$700k in sprint. Now that's an investment

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Response by tdbankomar

over 13 years ago

Posts: 3

Member since: Apr 2012

If you are still interested in a mortgage I would love to help you out. Please contact me at omar.abdulrahman@td.com

Best way to finance $2MM condo purchase?

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