Posted on: 08th Dec, 2010 03:14 pm
I am in the midst of selling my business and when complete I should have about $1.1 million after taxes. That said, I will have no proof of income. I was looking to spend between $450K and $550K on my next house and wanted to put about 50% down, as I will be using the rest of my proceeds to invest in new businesses. Does any one know of a type of mortgage I can get? I don't see how a bank could see this as a high risk given what my assets will be and the fact that I will have 50% equity in my new home.
Hi bartonr,
You will have speak to the local lenders in order to check out what type of mortgage you may get in this situation. The lender will check your financial situation and guide you regarding the mortgage. However, you can even purchase a property through cash as you will be getting quite a large sum of money from the sale of the business.
You will have speak to the local lenders in order to check out what type of mortgage you may get in this situation. The lender will check your financial situation and guide you regarding the mortgage. However, you can even purchase a property through cash as you will be getting quite a large sum of money from the sale of the business.