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Calling all Lenders - Who is Financing Las Vegas Condo-Hotels?

Now that the prices have dropped dramatically in the beautiful and well located MGM Signature Las Vegas hotel-condos, we have a constant stream of calls from potential buyers. The good news is that prices on studios have declined enought to start making sense to those who are buying for income generating purposes coupled with a desire for a great vacation home a block from the strip. But the bad news is that when Countrywide merged with Bank of America last week, they pulled all condo-hotel financing off the market. Aside from Chase, who is asking for hefty downpayments as much as 40% in some cases, does anyone out there know of lenders who will make 20% down condo-hotel loans in Vegas?

We are representing cash buyers, who are making very aggressively low offers - but for those who want to sell - cash is king. So it seems that these towers are in a downward pricing cycle with repos popping up amongst the myriad of short sales. We are seeing a 1 bedroom repo at $429,900 - 3rd floor strip view unit - and an 18th floor strip view studios repo at $305k. When compared to MGM CityCenter and Trump and Palms Place these prices look amazing & the stats show that buyers are grabbing the deals - we have so many units in pending status in the MLS. But are all these cash buyers?

If anyone knows of condo-hotel lenders for Las Vegas studios in MGM Signature -

Please CONTACT ME!

June Direct: 702 375-5220

LAS VEGAS CONDO RESALE SEARCH-CLICK HERE

Posted by June Stark-Las Vegas Condos High Rise Expert on 07/09/2008 10:10 PM

Comments (12)

las vegas condohotels, las vegas hotelcondos, mgm condos in las vegas, las vegas high rises, strip condos

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12 Comments on Calling all Lenders - Who is Financing Las Vegas Condo-Hotels?

I'll be visiting Vegas next month for my annual 'Guys Vacation'. I've often wondered how 'regular' people financed these things....

07/09/2008 10:21 PM

by Dominique

Good question, I am featuring this :)

07/11/2008 06:52 PM

by Renee Burrows - Las Vegas NV Real Estate (Nevada Realty Solutions)

Thanks Renee. Aaron Gordon has given me one good source - but alas a 40% downer!!!

07/13/2008 02:51 AM

by June Stark-Las Vegas Condos High Rise Expert (Elite Realty-Luxury Properties On & Off the Strip)

June: I have recently been inundated with calls concerning financing of these, if you know of any sources let me know. Thanks, Kevin

07/23/2008 11:29 AM

by Kevin Tucker - Commercial RE Lender (CapWest Commercial Lending)

mgm is no longer taking new units for their rental program and is making it VERY difficult for those to rent on their own!

BUYER BEWARE

07/27/2008 04:52 PM

by John

Hi John - I have not heard that MGM is not accepting new units. Many of the recent ones I have sold were already in the program & the new buyer accepted the transfer. Can you please enlighten me?

A colleague of mine has provided me with another source for renting MGM units. He suyas his clients are very pleased with the results.

07/29/2008 08:55 PM

by June Stark-Las Vegas Condos High Rise Expert (Elite Realty-Luxury Properties On & Off the Strip)

I have one client right now that we are having issues finding financing as well. June if you find a lender that will do 20% or even 25% please let us know and I will do the same. By the way how is your son Matt? I went to high school and college with him.

07/29/2008 09:12 PM

by Tony Sena - Realtor, Las Vegas Real Estate (North American Realty of Nevada)

Hi Tony - Paua Clark at Chase does condo-hotel financing with 25% down. I will send you her info directly.

07/30/2008 10:06 AM

by June Stark-Las Vegas Condos High Rise Expert (Elite Realty-Luxury Properties On & Off the Strip)

Please send me Paua Clark's info as well

07/30/2008 11:23 AM

by Kevin Tucker - Commercial RE Lender (CapWest Commercial Lending)

Condotel financing is dead. Chase, Wells and the like are all OUT. Good luck getting them funded anywhere besides hard money!

08/07/2008 11:45 PM

by Hard Money

I know of one private money source... www.lvhardmoney.com does hard money loans.

08/07/2008 11:46 PM

by John Putnambo

Hi HARD MONEY: I have a few alternative sources fo high net worth individuals. What rates are HARD MONEY.com seeking?

08/08/2008 03:11 PM

by June Stark-Las Vegas Condos High Rise Expert (Elite Realty-Luxury Properties On & Off the Strip)

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Real Estate Agent: June Stark-Las Vegas Condos High Rise Expert (Elite Realty-Luxury Properties On & Off the Strip)

June Stark-Las Vegas Condos High Rise Expert
Las Vegas, NV
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Elite Realty-Luxury Properties On & Off the Strip

Office Phone: (702) 236-8364
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Las Vegas High Rise Condo real estate up-to-date news & info for luxury strip area high rises Panorama, Sky, Trump, MGM Condos, CityCenter, Allure, Loft 5,Palms Place & Turnberry Towers. Visit for Foreclosure news and Lake Las Vegas and Anthem Country Club in Henderson NV real estate.

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