While many first-time home buyers are struggling to get approved for modest-sized mortgages, banks are seeing a major increase in the number of multi-million dollar loan requests coming through their doors.
“High-net-worth borrowers don’t have to borrow,” Bank of New York Mellon Corp. managing director Erin Gorman told bloomberg.com. “They choose to, so they’re very strategic about what, why, and when they borrow.”
They’re borrowing now while interest rates are low instead of liquidating their assets in a stock market that has seen a seven percent gain this year.
Image via flickr/Atwater Village Newbie
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