Facebook's Zuckerberg Sweetheart Deal Loan Gives New Meaning to the 1%

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Facebook’s Zuckerberg Sweetheart Deal Loan Gives New Meaning to the 1%

Facebook’s Zuckerberg Sweetheart Deal Loan Gives New Meaning to the 1%

Bloomberg-

Billionaire Mark Zuckerberg is giving new meaning to the term “the one percent.”

The Facebook Inc. (FB) founder refinanced a $5.95 million mortgage on his Palo Alto, California, home with a 30-year adjustable-rate loan starting at 1.05 percent, according to public records for the property.

While almost all lending rates have reached historical lows this year, the borrowing costs available to high-net-worth individuals are even lower if the person is willing to bear the risk of monthly interest rate adjustments, said Greg McBride, senior financial analyst with Bankrate Inc., a North Palm Beach, Florida-based firm that tracks interest rates. Large increases are unlikely anytime soon with the Federal Reserve signaling it will keep interest rates near zero for at least two years.

[BLOOMBERG]

image: topnews.in

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