Hello fellow mortgage pros. I just received a phone call from a very prominent entertainer. He wants to purchase a second home in Arizona.
The home's selling price is $15,000,000. You can find it in the MLS very easily. It's the only $15,000,000 home for sale in Arizona right now.
I advertise myself as the Arizona Jumbo Loan Pro, but in this "declining" market, getting a jumbo for over $3,000,000 is tough to find.
I am going to place this loan one way or another. I will get my client financed. I am getting ready to make about seven thousand phone calls, but I thought I would ask my fellow professionals if they knew of anyone who lends that kind of Jumbo loan. So... do you?
He wants to put 50% down, or 7.5 million down.
So I need a loan amount of $7,500,000.
All of the private investing firms that I've been using for years have all gone out of business.
And as most of you probably know, getting a jumbo loan financed for more than $3,000,000 is arduous, to say the least.
Update:
I was able to get my client financed through Wells Fargo. Somebody who works in Wells Fargo portfolio lending saw this post and was able to qualify my borrower. Shoot me an email if you need jumbo loan financing over $3,000,000.
I'll be happy to point you in the right direction. After all, I am Arizona's Jumbo Loan pro!
:-)

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