Baltrum

How can I obtain a 1,000,000 USD loan?

I would like to take out a loan in order to purchase some commercial property on the Island of Oahu in Hawaii. I would like to use the property as vacation property. A house that a family, or individual can rent during their vacation. I'm not sure what the exact term for such a place is. The most I have at the moment to put down on the loan is 100,000 USD. Is that a reasonable amount to put down on a 1,000,000 USD loan? Also, I would appreciate an educated guess as to how much each payment will be per month with with interest. Also, a rough estimate of the interest rate. I have no established credit, and I am only nineteen years old. I sort of expect a high interest rate, but I needs to be affordable. If you can, please recommend me to a site, organization, or company which could help me achieve the above stated goals. Also, I would greatly appreciate any and all immediate advice provided. Thank you in advance for your help.

Public Comments

1. ~$5,400 payment on a $900,000 loan assuming 30 years at Jumbo 6%. The bank would either want you to have collateral to cover this loan up front or to be making at least $15,000/month ($180,000/year).
2. A $900K loan for 30 years at 6% is $5,400 per month. You will need to be making well over $100K per year to qualify.
3. just a thought here.. given the current state of the economy do you really think it's a good time to be making such huge investments in real estate? you'd need a very stable high paying job to get such a high loan at such a young age
4. you'd probably have to have an income above $350,000 a year and 20% down payment - and don;t expect an interest rate below 7% - it's not owner occupied residential probably and you are well over the Jumbo Loan limit - $100k down is probably not enough - a business plan showing all your projected revenues and costs would probably also be needed
5. You can't First you need at least 20% down and a provable income to pay a $800,000 mortgage. Just the interest alone would be $4000 a month. You would need a non-conforming Jumbo loan and that interest rate would be at least 6%......but I'd bet more like 6.5% to 7%.
6. Wouldn't your bank and a Hawaiian realtor be a good place to start?
7. With no/bad credit you need another 200k to put down, they will want 30% for non-owner occupied. A mortgage, property tax and insurance will run you about 7k a month.
8. DREAM ON!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!