Financing in Las Vegas>Question Details

todwouters, Home Owner in Las Vegas, NV

Canadian looking for equity mortgage for paid condos in Vegas. Anyone help? Tod BC Canada

Asked by todwouters, Las Vegas, NV Mon Sep 24, 2012

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Hello, Tod...and thanks for your inquiry.

You can get financing from nearly any Canadian lending institution. You should start with the lender who is carrying the note on your primary home. For loans Less than $500k: As of 2/6/12 there is none available. Some clever Canadians have purchased homes as a 2nd home and then made them available for renting. HOWEVER, if you do this within 6 months of purchasing a second home ( http://ifindproperties.com/canadians/canadians-2nd-home-faqs.html ), your lender could call the note.

"Qualifying for a loan to purchase properties in Las Vegas":

Unless you have obtained a loan in the past 3 years, you will be in for a major surprise. Loan requirements have stiffened a lot! Many investors have flown all the to Las Vegas only to discover their 800 credit rating is worthless. Even if you have a great credit rating and a large pool of assets, you won’t be able to get a low interest loan unless you meet these general conditions:

Unfortunately, getting a loan from a foreign country is very difficult unless you want a hard money loan.

You must receive a W-2 or have tax returns that show you make money. The days of “stated income” are way over.

Your credit must be spectacular. Since you are in investor, credit standards a much higher than an owner occupied property.

You can’t be leveraged to your teeth. Lenders will look at your debt obligations and compare that to your net worth.Note: Some folks play the “Second Home” or “Vacation Home” card which gives you better rates than an investor. There is some risk involved because if you get caught, there is a chance the lender will “call the note” on you.

--- Qualifying for a hard money loan to purchase properties in Las Vegas ---

http://lvpropertysearch.com/las-vegas-financing/las-vegas-ha…

Expect to pay $3k up front and 12% interest. Since you are paying through the nose to get a hard money loan, the conditions are a little looser. Their lending process is still a little vague to me but generally you need to put 40% down, have a large net worth and the property needs to be appraised at or below market. They also quiz you to find out if you have a clue about investing...and they generally don’t play with amateurs.

If you have any further questions regarding making this purchase a success, please feel free to contact us direct. Also, you are welcome to search actual MLS Listing through our website at:

http://lvpropertysearch.com/single-family.html

I hope this information helps,

LV Property Search
Info@LVPropertySearch.com
0 votes Thank Flag Link Mon Sep 24, 2012
Tod,
Are you looking for someone who will finance a condo or take out an equity line with a Canadian on a paid off condo?

If you can clarify maybe I can provide a resource for you.

Amara Collins
Direct 702.672.0956
Fine Homes International
Prudential Americana - Vaughn & Berg Group
7475 W. Sahara Ste 100, Las Vegas, NV 89117
Office 702.362.1111 Ext. 255
Fax 702.317.3762
http://www.LuxuryHomeVegas.com
0 votes Thank Flag Link Mon Sep 24, 2012
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