Some Las Vegas High Rise Condos Make Bank Black List. What Does This Mean?

Last night on our local news there was a story about how a particular banking institution is no longer providing mortgages for certain Las Vegas High rise Condo property's. OMG you might be thinking right now, is the High rise Market not doing well. In the story they made a very strong statement and if you were not paying close attention you could have missed this very important tid bit of info. What the bank said was they are not lending on certain property's because of a high investor interest in these developments. What that means is investors had purchased allot of condos banking on high appreciation and now they are unable to sell their property's to receive their returns and are defaulting on there loans. This is only 1 bank out of thousands of banks who are still loaning money to buyers to purchase these kinds of property's. If you are purchasing a Las Vegas High rise Condo as a second home or vacation home you should not have any problems finding financing but if you are an investor i am sure the bank would like to see a plan of attack that is sound before lending you the money to purchase. This is nothing new but over the last couple of years banks had very open regulations on lending and are now suffering from their mistakes. The mainstream media still continues to mis represent our amazing High rise Condo market here in Las Vegas by circulating stories like this and similar ones without saying a word about how strong it really is. If i am not mistaken this story was ran a few months back and now they are just revisiting it for some reason. Another good point about this misleading story was that the local news forgot to mention that Las Vegas High rise Condos were not the only High Rise property's on this Black list, areas like Miami and San Diego were also listed on this Black list. Also the Black list is just a reference of property's for the banks to look at before making their final decisions and high rise Condos were not the only style of property's listed on this infamous black list. Every bank has a similar style list of property's that they review before lending on anything to make sure that they are making a good choice when lending their money out. IT IS NOTHING NEW FOR A BANK TO HAVE A LIST LIKE THIS. To all my readers please trust what i say when i talk about the High Rise Condo market here in Las Vegas is some of the best market reporting you will receive. Thanks for reading and i promise to always provide the best info to all of you.

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