Who can get a 123% loan-to-value mortgage these days? George W Bush, that’s who! He’s just taken out a $3,074,239 loan from Community National Bank in Midland, Texas, to buy an 8,500 sqft bungalow in Dallas which was appraised at $2.5 million earlier this year. It’s a big loan for CNB, which has total loans outstanding of just $310 million, according to the FDIC.
The mortgage has a four-year maturity, which is a little odd, but presumably Bush reckons he’ll make enough money in that time on speaking fees and book deals that he should easily be able to repay it by then. I wonder what interest rate he locked in.