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Old 11-29-2011, 08:02 AM
 
Location: North Las Vegas
1,631 posts, read 3,952,172 times
Reputation: 768

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Quote:
Originally Posted by Datafeed View Post
Hi,

Is it possible to find financing for high/mid rise condos in Las Vegas? Thanks.
Yes there are highrise properties that qualify for loans, some banks will not loan on highrise properties for various reasons for instance Turnberry Place has the Sterling club and Wells Fargo won't lend in there due to the sterling club being a leased property. However other lenders will lend in there.

It also depends how many units are owner occupied if there are allot of rentals in a property it can hurt getting a loan. Also how much down depends and your credit depends if you get a loan. Getting a loan isn't impossible but is difficult right now banks scrutinize everything on your credit report. There is also hard money lenders that will loan but be very careful when using those make sure you read your contract they charge allot more to get a loan.

I have clients with over 800 credit score and 35% down being turned down or having to put even more money down before being approved.

Here are some lenders that lend on highrise properties and midrise.

Imortgage , CalCon Mutual Mortgage, Sahara Mortgage, Castle & Cooke Mtg,
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Old 11-29-2011, 01:43 PM
 
Location: Bangkok, NYC, and LV
2,037 posts, read 2,990,662 times
Reputation: 1128
Quote:
Originally Posted by 007 license to sell View Post
Yes there are highrise properties that qualify for loans, some banks will not loan on highrise properties for various reasons for instance Turnberry Place has the Sterling club and Wells Fargo won't lend in there due to the sterling club being a leased property. However other lenders will lend in there.

It also depends how many units are owner occupied if there are allot of rentals in a property it can hurt getting a loan. Also how much down depends and your credit depends if you get a loan. Getting a loan isn't impossible but is difficult right now banks scrutinize everything on your credit report. There is also hard money lenders that will loan but be very careful when using those make sure you read your contract they charge allot more to get a loan.

I have clients with over 800 credit score and 35% down being turned down or having to put even more money down before being approved.

Here are some lenders that lend on highrise properties and midrise.

Imortgage , CalCon Mutual Mortgage, Sahara Mortgage, Castle & Cooke Mtg,
Thanks
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Old 11-29-2011, 06:59 PM
 
Location: The Brightest City On Earth
1,282 posts, read 1,904,450 times
Reputation: 581
Depends. If there are many 4closeures or renters in the units, probably not.
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Old 11-29-2011, 07:22 PM
 
412 posts, read 916,032 times
Reputation: 166
Sky says they have financing available.

Sky Financing
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Old 11-29-2011, 08:24 PM
 
152 posts, read 377,172 times
Reputation: 74
Quote:
Originally Posted by Tires View Post
Sky says they have financing available.

Sky Financing
What is it you think they will do at 3 years?

This is not really financing...Three years is not workable.
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Old 11-29-2011, 08:59 PM
 
412 posts, read 916,032 times
Reputation: 166
Quote:
Originally Posted by repru View Post
What is it you think they will do at 3 years?

This is not really financing...Three years is not workable.
It is interest only for 3 years. It doesn't say the total length of the loan is 3 years. What would be the point of a 3 year loan with 20% down? Why even offer that as an option?
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Old 11-29-2011, 09:26 PM
 
152 posts, read 377,172 times
Reputation: 74
Quote:
Originally Posted by Tires View Post
It is interest only for 3 years. It doesn't say the total length of the loan is 3 years. What would be the point of a 3 year loan with 20% down? Why even offer that as an option?
That is exactly what it means. Who offers such deals? Those who don't have legitimate financing.
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Old 11-29-2011, 09:54 PM
 
412 posts, read 916,032 times
Reputation: 166
I doubt they will have any takers. If you can afford that, then you can probably more easily just pay cash and be done with it. There will probably be a handful or Homesteps and Homepath foreclosure resales that can be financed.
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Old 11-30-2011, 05:14 AM
 
Location: North Las Vegas
1,631 posts, read 3,952,172 times
Reputation: 768
Quote:
Originally Posted by repru View Post
What is it you think they will do at 3 years?

This is not really financing...Three years is not workable.
There are other mortgage companies that will loan on Sky units, like the ones I mentioned earlier in this post and they aren't interest only loans.

Also sky still has about 60 new units that never sold and the developer is being investigated for hoa fraud. See link below

-Team: Sanctioned Developer has Ties to Strip High-Rise HOA



www.8newsnow.com/story/.../highrise-hoa-has-familiar-problem
Sep 20, 2011
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Old 11-30-2011, 07:50 PM
 
2,724 posts, read 4,764,554 times
Reputation: 1042
Possible... perhaps
Prudent... not likely
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