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fionambrady
104 Posts |
 Posted - 03/20/2008 : 2:09:22 PM
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We are getting flooded with buyers for the Trump and Palm Towers and were looking for as many lenders as we can.
Please call me at 702-893-1232 or email us at Avtekmortgage@aol.com
Sincerely,
Fiona Brady, Broker/President |
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NCOREY
14 Posts |
Posted - 03/20/2008 : 3:54:00 PM
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| Not an easy topic these days. CONDOTEL Countrywide at full 55%,Thornburg if they pull out of their mess,Luxury Mortgage I've heard tell but not sure. I'd like to know as well. |
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NobleHouse
343 Posts |
Posted - 03/20/2008 : 4:39:36 PM
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Don't go to Luxury Mortgage, I sent them several Trump files in January, they never update you and hardly return your email and voicemails. Last I spoke to someone there they couldn't find a buyer on the secondary market so they just had my files sitting there. Horrible experience go somewhere else.
quote:
Originally posted by NCOREY
Not an easy topic these days. CONDOTEL Countrywide at full 55%,Thornburg if they pull out of their mess,Luxury Mortgage I've heard tell but not sure. I'd like to know as well.
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jimjp
12 Posts |
Posted - 03/20/2008 : 9:41:31 PM
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Fiona,
All lenders in Vegas are getting "flooded" with these types of loans. We have had the sales reps from both of these properties contact our office to see "how many lenders we had" for their clients. We told them that at 55% LTV we have several lenders, they responded their clients wanted 90% LTV and that if we did not have any 90% LTV programs they would send their clients somewhere else. I politely informed them "good luck, I know that you are running down the MLD list and calling every lender in town, and so far you are in the "J"s and have not found any lender yet"
Sales agent's perception and reality are two different things in today's market.
Thornburg had the best programs for these types of transactions - key word HAD
Good luck and I hope you find something acceptable for these properties. |
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Nevada LO
285 Posts |
Posted - 03/20/2008 : 10:14:01 PM
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| Do the units have 4 burner stoves? First Guaranty will do 70% SIVA NOO and 75% full doc, but there are property restrictions. I believe there is a rep on here named Jimmy Willmott (sp?). I also have contact info, but as I said before they may require more than a 2 burner kitchenette, and I know they require larger than 500 sq ft. |
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BigFire
2962 Posts |
Posted - 03/21/2008 : 12:24:20 AM
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| Try Credit Suisse. |
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craig - condoban
37 Posts |
Posted - 06/10/2008 : 05:54:07 AM
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I have something that will be of great use to you when it comes to condo hotel financing
visit www.condobanking.com |
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jfink46
299 Posts |
Posted - 06/10/2008 : 07:33:36 AM
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| Has anyone actually bought this book? |
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KHufford
6019 Posts |
Posted - 06/10/2008 : 07:44:07 AM
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quote:
Originally posted by craig - condobanking
I have something that will be of great use to you when it comes to condo hotel financing
visit www.condobanking.com
This guy has been spamming to sell his book on here. Any book written before today is already obselete and completely worthless in this market, sorry Craig. No thanks, but nice try!
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ddmortgage
297 Posts |
Posted - 06/10/2008 : 07:59:08 AM
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| I would speak with KHufford about these type of loans. I have read his posts about this topic and he is dead on. The next time I get one of those I will contact him. |
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KHufford
6019 Posts |
Posted - 06/10/2008 : 08:13:10 AM
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quote:
Originally posted by ddmortgage
I would speak with KHufford about these type of loans. I have read his posts about this topic and he is dead on. The next time I get one of those I will contact him.
Thanks David, I have been actually working like crazy to line up the right banks/ lenders for these and will share shortly. My collegue in Vegas is workign with local banks to get the programs up and running, basically everythign is at 75% ltv right now, full doc. There are options for stated, 640, but fees are pretty high.
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nancy.mortgage
121 Posts |
Posted - 06/10/2008 : 08:38:07 AM
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| We are doing them at up to 70% for all income types if they meet reserve requirements. However our product is super jumbo and min loan is $1.5 million. |
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jfink46
299 Posts |
Posted - 06/10/2008 : 08:50:52 AM
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| It would be nice to hear from the "author" of this book to defend himself. |
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ddmortgage
297 Posts |
Posted - 06/10/2008 : 08:53:26 AM
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| Your Welcome Kyle! You really are dead on with those, Keep me posted! |
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craig - condoban
37 Posts |
Posted - 06/11/2008 : 06:02:33 AM
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Hi Guys,
I see someone wanted to hear back from the author to defend myself. I have big shoulders and I respect Kyle's opinion. Even if I didn't, this is America after all.
A couple of notes about the book....it was in fact published yesterday. I finished it over the weekend. In addition, as an onwer of the book, you get free email updates from me whenever there is a lending change in the marketplace. The book provides a wide swath of lending sources from traditional national lenders to international funding sources. We all know how volatile the market is.
The market is tough right now and that's why I wrote the book. I should point out that the book provides way more than just financing sources. It has tons of useful info no matter what segment of the market you are in.
I have been financing condo hotels for the past six years and I now work as a lending coordinator on three different condo hotel projects.
I hope the book can be of use to everyone.
The book was released yesterday morning and I have sold over 500 copies. The response has been excellent. |
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