My New Outside Blog: www.lasvegasmtg.com Report: Las Vegas Portfolio Lending for High-Rise Condo Financing

www.lasvegasmtg.com Report: Las Vegas Portfolio Lending for High-Rise Condo Financing

www.lasvegasmtg.com Report: Las Vegas Portfolio Lending for High-Rise Condo Financing

By John Le Francois

Las Vegas, NV. High Rise Condowww.lasvegasmtg.com Report: Las Vegas Portfolio Lending for High-Rise Condo Financing is now available for High-Rise Condos and Condo/tels at All Western Mortgage in Las Vegas, NV.

A Portfolio Lender is a lender that Underwrites their own loans based on the lenders guidelines and not Fannie Mae guidelines or overlays. A Portfolio Lender then will service the loan and will not sell on the secondary market that is so common in toady's market.

The Portfolio Lenders have created Niche Markets that service clients that big banks cannot market too.  

One of the Niche Markets is Financing High Rise Condos and Condo/tels.

All Western Mortgages have two Portfolio Lenders with unique and competing Niche Programs. 

First Portfolio Lender:

Las Vegas High-Rise 1 KitchenWill finance Owner Occupied and 2nd Homes Condo and Condo/tels with the following guidelines. Maximum LTV for a Condo/tel is 70% and 80% for High Rise Condo. Minimum FICO Score is 720 and DTI is 40%. Must show 12 months non retirement reserves for loan amounts up to $1,000,000 and 24 months non retirement reserves for loan amounts over $1,000,000.00.

Second Portfolio Lender:

High-Rise Condos up to $2,000,000.00 loan amount with 20% down and Debt to Income to 45% and a minimum FICO Score of 720. High-Rise Condos that have been serviced by the Portfolio Lender are Turnberry and Panorama for example. Owner Occupied and 2nd homes are two occupancy types that are approved with the Portfolio Lender. With strong assets it is possible to get 80/10 financing. This unheard off in today's market!

Second Niche Product:

Las Vegas High-Rise 1 KitchenThis Portfolio Lender has a loan program that provides financing with very competitive rates for borrowers with recent Bankruptcy, Short Sale or Foreclosure even within one year. This loan Program will be discussed in another post.

  

 

         Kenny Salame                                                                                                  Equal Housing

Kenny Salame
Senior Loan Officer
All Western Mortgage Inc.
8345 W. Sunset Rd.
Suite 380
Las Vegas, NV, 89113
US                            
Mobile: 702--506-3301
Direct: 702-947-0609
Office: 702-369-0905
Fax: 702-952-0887
ksalame@allwesterm.com
 
 
 
 
 
 
Comment balloon 2 commentsKenny Salame • February 19 2011 02:36PM

Comments

More great news for the high rise condo sector and financing!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) about 8 years ago

Renee,

Yes it is great news. Any new programs for financing shows strength in the housing markets.

Posted by Kenny Salame, NMLS ID 313873 (All Western Mortgage Broker # 14210) about 8 years ago

Participate