Here are a few facts on financing here in Ls Vegas:
According to our stats, Commercial will be big in the next year or so. However, if you are interested in any Multi Family complexes, we can definitely assist you with those. As of Summer 2012, Cap Rates for Multi-Family units in Las Vegas are closing in on Cap Rates for Single Family units with a straight lease.
We have compiled a list of parcels surveyed directly from our local GLVAR MLS (Single Family Residentials and Multi Family Dwellings). Theses properties are the BEST DEALS we were able to locate for the price and locations.
They have already been rated by Equity position, Income potential, Desirability of area, and Condition relative to others.
Let us know if we can help you.
To your success,
LV Property Search
In essence you'd probably need to show income (and taxes, +) in the U.S. for you or your corporation for several years. You may also try some of your Canadian banks, perhaps a line of credit...
Please feel free to contact me by email or telephone.
Tri-Star Realty, LLC
There are several places that you can get financing here in Las Vegas, Depending on the size of the property you are interested in as well as the type would depend on where I would recommend. If you email me some details on what you and your partners are looking for I can give you some good places to start. Thanks
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 wonâ€™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 â€œstated incomeâ€ are way over.
Your credit must be spectacular. Since you are in investor, credit standards a much higher than an owner occupied property.
You canâ€™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 â€œSecond Homeâ€ or â€œVacation Homeâ€ 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 â€œcall the noteâ€ on you.
--- Qualifying for a hard money loan to purchase properties in Las Vegas ---
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 donâ€™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:
Or check out our weekly BEST PICKS here:
I hope this information helps,
LV Property Search
I am a commercial agent in the las Vegas area. I am working with some other Canadian investors currently purchasing multifamily properties in las Vegas. I work with several lenders that offer all types of commercial loans. Contact me any time!!
What type of commercial property are you intersted in M-1, Retail, Office or vacant land? All have different financing guidelines.