Late Beatle\'s mansion listed at $20.0 million
By MortgageDaily.com staff
6/19/2002

The home of former Beatle lead guitarist -- the late George Harrison -- was listed for sale at $20 million, according to the Celebrity Mortgages page at homestore.com. The Friar Park estate is a former nunnery and was built in 1889. There are 120 rooms in the property, which Harrison bought in 1970.

Using a twenty percent down payment, a 6.75% interest rate and a 30-year term, the monthly payment on the property would be $103,776 (principal and interest only), according to homestore.com's online mortgage calculator.

The Seattle Times reported today that the former Stan Sayres home is listed for sale $25.8 million. While that article pointed out most sales of that size are all-cash, a monthly payment with no down payment at 7 percent for thirty-years was estimated at $172,000. The story did point out that such a high loan-to-value transaction for this size property would likely occur with a borrower who has deep pockets. The Seattle Times went on to say that potential borrowers would need an annual income of at least $6 million.

So could a loan originator qualify for the former Stan Sayres property? The top individual loan broker producer in 2001 was Richard Kuan, according to National Mortgage News. Kuan, who works for IOwnToday.com, Inc. in California, reportedly closed $331 million last year.

Kuan's personal income was not reported, so we estimated his 2001 income using the following assumptions:

1. Kuan splits his commission with IOwnToday.com, Inc. 50/50
2. Kuan and his company only earn 1% total
3. No premium was earned

Using these assumptions, Kuan earns $1.7 million annually.

Maybe a limited doc loan is in order!

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