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
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I'll be visiting Vegas next month for my annual 'Guys Vacation'. I've often wondered how 'regular' people financed these things....
Good question, I am featuring this :)
Thanks Renee. Aaron Gordon has given me one good source - but alas a 40% downer!!!
June: I have recently been inundated with calls concerning financing of these, if you know of any sources let me know. Thanks, Kevin
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
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.
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.
Hi Tony - Paua Clark at Chase does condo-hotel financing with 25% down. I will send you her info directly.
Please send me Paua Clark's info as well
Condotel financing is dead. Chase, Wells and the like are all OUT. Good luck getting them funded anywhere besides hard money!
I know of one private money source... www.lvhardmoney.com does hard money loans.
Hi HARD MONEY: I have a few alternative sources fo high net worth individuals. What rates are HARD MONEY.com seeking?