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Old 11-26-2011, 03:40 AM
 
Location: Bangkok, NYC, and LV
2,037 posts, read 2,996,454 times
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Hi,

Is it possible to find financing for high/mid rise condos in Las Vegas? Thanks.

Last edited by Datafeed; 11-26-2011 at 04:38 AM..
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Old 11-26-2011, 08:10 AM
 
Location: Salt Lake City/Las Vegas
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Yes, it is possible.

Bill

Last edited by UTES; 11-26-2011 at 08:21 AM..
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Old 11-26-2011, 08:24 AM
 
Location: Bangkok, NYC, and LV
2,037 posts, read 2,996,454 times
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Hi Bill. Can you please elaborate? Perhaps a better question would be if a traditional mortgage is possible. What mechanisms can be used to finance a condo? Thanks.
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Old 11-26-2011, 08:46 AM
 
Location: Paranoid State
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There is a ton of money out there for qualified borrowers.
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Old 11-26-2011, 08:51 AM
 
Location: Bangkok, NYC, and LV
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Thanks. I just talked to a real estate agent and he said that aside from homepath, it's impossible to get a mortgage for a strip condo. What am I missing?
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Old 11-26-2011, 11:10 AM
 
Location: Las Vegas
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it's difficult but not impossible to finance some of the strip condos. It can depend upon how many unsold units are in the hi-rise you are looking at and of course, what your down payment is going to be. Off strip should be no problem Olecap can help with this question.\
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Old 11-26-2011, 11:12 AM
 
Location: Kingman AZ
15,370 posts, read 39,188,004 times
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Quote:
Originally Posted by Croce View Post
it's difficult but not impossible to finance some of the strip condos. It can depend upon how many unsold units are in the hi-rise you are looking at and of course, what your down payment is going to be. Off strip should be no problem Olecap can help with this question.\
OC has ceased to exist in his previous incarnation.
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Old 11-26-2011, 12:05 PM
 
Location: Salt Lake City/Las Vegas
1,596 posts, read 2,820,258 times
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Quote:
Originally Posted by Datafeed View Post
Hi Bill. Can you please elaborate?
Expect to pay about double the interest currently available on home mortgages and put up 20%+ down. As mentioned above, a key factor is occupancy rates. The general rule of thumb is a building must have a majority of units sold unless the down payment is huge. And, some banks/credit unions aren't lending at all on condos right now.

If you are looking at a specific high rise I have the occupancy rates as of Oct. 31st. The other factors will vary upon which financial institution you prefer.

Bill
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Old 11-26-2011, 01:27 PM
 
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Aren't there many cash-sale-only condo developments due to the residents being mostly renters?
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Old 11-26-2011, 04:29 PM
 
2,723 posts, read 4,774,144 times
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Quote:
Originally Posted by SportyandMisty View Post
There is a ton of money out there for qualified borrowers.
Is there a lexicon term for that like there is for the antithesis?

Example:

NINJA - No Income, No Job, No Assets


Wait, I have an idea...

TOMB - Ton of money borrower

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