Anonymous
Anonymous asked in Business & FinanceCredit · 9 years ago

How much money can the bank loan you?

My friends and I want to by a house in Miami and want to know how much money a bank can loan you? The house is 14 million dollars. There might be five of us living in the house.

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  • 9 years ago
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    If you and your friends are worth more than the house collectively you might get financed but you would have to have cash and properties worth more than what you want to borrow.

    Why on earth would anyone want to pay 14 million on a house when people are starving -

    if you can afford a 14 million house - why not build a house for less?

    Also consider your monthly mortgage, your lights, gas, water and tax bills - your monthly expenses could be over $50,000/month? - if you all have cars, student loans, who would clean a place that large and pool care.

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  • 5 years ago

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    How much money can the bank loan you?

    My friends and I want to by a house in Miami and want to know how much money a bank can loan you? The house is 14 million dollars. There might be five of us living in the house.

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  • Anonymous
    6 years ago

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    RE How much money can the bank loan you?

    My friends and I want to by a house in Miami and want to know how much money a bank can loan you? The house is 14 million dollars. There might be five of us living in the house.

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  • 9 years ago

    Depending on what your willing to put down to get the money will determine if the bank gives you the loan you need. Personally I think loaning that much $ depending on how wealthy you are various in a big way.

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  • 9 years ago

    To buy a house with 5 friends is about the dumbest idea I have heard.

    You must be under 18. LOL

    The bank will loan you as much as you qualify for.

    You are going to need quite a hefty down payment though on that 14mil house.

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  • Anonymous
    9 years ago

    It depends on your salary and years on the job. For an amount like that, you would probably have to have it approved by a senior loan officer.

    Source(s): Retired bill collector 35 years
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  • 9 years ago

    if you collectively have 5 million a year in income, you're probably good to go.

    otherwise, no one will fund that loan.

    Source(s): retired banker
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    Lv 6
    4 years ago
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