I/O Loans in SC
That's a lot of interest only loans. Interestingly, one guy in the article believes that most of the speculation is occurring on the coast. The same, I believe is probably true in NJ as well.
[Nearly a third of all mortgages made in South Carolina last year were interest-only loans — a low-cost, at least initially, but risky form of borrowing.
David Bryant, president of Columbia-based Metropolitan Development, was one of those borrowers.
Interest-only mortgages suit Bryant’s needs because he does not like leaving equity, or much else, in a house for too long. “I turn a house every 36 months.”]
Go...
[Nearly a third of all mortgages made in South Carolina last year were interest-only loans — a low-cost, at least initially, but risky form of borrowing.
David Bryant, president of Columbia-based Metropolitan Development, was one of those borrowers.
Interest-only mortgages suit Bryant’s needs because he does not like leaving equity, or much else, in a house for too long. “I turn a house every 36 months.”]
Go...
posted by Little_Silvered at 7:33 PM
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