Investment Success in Las Vegas with Lantzman Lending Fix & Flip Loans
Recently funded in Las Vegas, NV
Lantzman Lending is a commercial lender specializing in Las Vegas fix & flip loans. We recently made this loan for $305,000 on a purchase of $350,000. Our investor client was able to turn the renovation around at an impressive pace, and they had the property on the market in 90 days and sold in 120. They sold the beautifully renovated and staged property for an impressive $600,000 in May 2024 which was well above expectations. The market in Las Vegas has been on the upswing since January. See our market update below for the Las Vegas Metro Area.
The borrower did an excellent job on this renovation. This property was in an older neighborhood of Las Vegas, and the attention to detail in the renovation paid off, with them achieving the highest cost per square sales price of similar properties in the past 12 months at $357 per SF. In particular, we appreciated the comprehensive portfolio of professional photos, modern neutral colored design, and the quick turnaround on getting it back on the market and sold. The product and the results are a perfect example for other investors to study for flipping success.
Las Vegas Real Estate Market Overview
In May of 2024, the Las Vegas housing market saw a moderate uptick in single-family home prices, with the median price rising to $490,100 up from $479,900 in April according to Redfin. This increase brings the median price very close to the all-time high of $498,100 recorded in May 2022. A total of 3,245 single-family homes and 866 condo/townhomes were sold, making up 4,150 total sales for the month. This inventory corresponds to about 3.37 months’ worth of inventory, there are currently 13,998 homes on the market, this is up 7% from a year earlier. Inventory has been on the rise since December 2023, when inventory was at 11,700 unit for sale. However, the inventory levels are still considerably lower than those seen pre covid (2019), and in 2022 when mortgage rates were rising quickly when there were more than 20,000 homes on the market.
We will continue to monitor the markets closely as we creep ever closer to the Federal Reserve reducing their guidance rates. We are curious to see what effect slightly lower rates will have on the demand for real estate across the country.
Are you in need of Las Vegas fix & flip loans?
Why Choose Lantzman Lending, for your Las Vegas fix & flip loans?
1. Fast approval and funding. Hard money loans can be approved and funded in just 5-7 days. This speed allows investors to move quickly on good deals and make firm offers.
2. More flexible qualification requirements. Hard money lenders are less concerned with credit scores, focusing more on the property value and the borrower’s experience.
3. Ability to finance distressed or poor condition properties with same as cash offers. This ability is important as many opportunities do not allow financing due to seller or listing agent requirements.
4. Financing for purchase and renovations. Hard money fix and flip loans typically include funds for both purchasing the property and completing renovations. We lend up to 85% of purchase and 100% of construction funds.
5. Competitive advantage. The speed of hard money financing can give investors an edge in competitive bidding situations, we allow you to make firm offers with our no appraisal process.
6. Scalability. Using hard money loans allows investors to take on multiple projects simultaneously without tying up all their personal capital.
7. Local Expertise: As a trusted hard money lender in Henderson, NV, we have in-depth knowledge of the local real estate market. This allows us to offer competitive rates and personalized service to our clients.
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