Archive for the ‘bank united’ Category

Bank United’s Highrise Condo Blacklist Coverage on Channel 8 Las Vegas

Friday, April 11th, 2008


 Luxury Mortgage Group was seen last night on the local evening news, Las Vegas Channel 8.  The story discussed a list put out by a Florida portfolio lender, Bank United.  The list contains names of Las Vegas high rise condominium projects that Bank United will not loan upon due to “high investor concentrations.”  Luxury Mortgage Group was featured in the segment and was labeled the only boutique lender in Nevada.  We are happy to see the local media recognizing our success and continued commitment to providing superior luxury financing services. An abridged transcript of the interview follows:

“My reaction was one of surprise,” said Jason Fox, president of Luxury Mortgage Group. “If other banks are willing to do the financing, there’s absolutely no harm in being on that list. If other banks follow suit and also add particular projects to their lists, there could be huge repercussions.

“Bank United was concerned about “high investor concentration” with the projects on their ban list. Fox says banks that understand our market better see the sustainability of these condos.

“The ones that do get it will not place many of those properties into their own ban list,” Fox said.

We continue to monitor all lenders blacklists and factor in their decisions with our own lending decisions.  Many of the projects that are on Bank United’s list should not be on there because they are viable and sustainable projects.  In example, Regency Towers, a high-rise project built in the mid-1970s should not be on any lenders ban list for reasons of investor saturation.  In effect, being on the list is a banks way of saying they don’t feel a project is viable.  When putting that up to Regency Towers, it just doesn’t make sense.  How can you say a project built in the mid 1970s isn’t viable and downright a huge success?  The project has sustained itself and in fact has appreciated substantially since it’s inception over thirty years ago.In time, Bank United’s list will be seen as a bump in the road for owners in projects on the their blacklist. 

Few, if any, lenders that understand our strong high rise condo market will follow suit and financing will continue to be available for the savvy buyers in these projects.