Getting a loan for a condo in las vegas

[David Diaz]

Hello biggerpockets community. I am currently looking to buy one perhaps two condos in Las Vegas, but I am being turned down by banks for getting a conventional loan with 20%. I wanted to know if this sounds about right, or if there seems to exist any options to be able to purchase without having to use up all the cash. Any help or direction would be appreciated. Thank you all in advance for the tremendous help.

Have a great day.

[Christopher Brainard]

@David Diaz

Why were you turned down? There are many reasons that a bank would choose not to give you a loan, some personal, some related to the property. A lot of condos here in Las Vegas run into trouble with financing because the owner occupancy for the community is < 50%, but generally speaking the bank should tell you precisely why.

If you don't want to put any cash down, you can research creative financing techniques here on BP, but the more creative the solution, the less appealing it is (generally speaking) and is a tough sell in a hot market. 

-Christopher