One Million Dollar Plus founder, Ira Meltzer, provided keen expert insight in the Los Angeles Times.
The wealthy are receiving loans much more quickly than the average homeowner, Meltzer said, because the private banks he works with give higher priority to those borrowing $10 million or more.
“If you’re a celebrity or a wealthy client, you get much different treatment,” he said. “My clients asking for over $10 million are easily getting loans in the 2% range,” noting that their rates are usually a full percentage point lower than the average client’s. “If you can buy a trophy property with a 2% mortgage rate, now’s the time to do it.”
