Hard-Money Lenders Capitalize on Distress

LAS VEGAS-Hard-money lenders want to capitalize on distress in commercial real estate and the foreclosures that may hit that market, according to the Las Vegas Sun . Investors, hard-money lenders and mortgage brokers at a conference last week at the Monte Carlo to discuss the industry and opportunities they are expecting in 2010.

According to the Las Vegas Sun Leonard Rosen, a former anchor at the Financial News Network who hosted the seminar, said the market is imploding with $300 billion of the $1.8 trillion in commercial mortgages that are in arrears in metropolitan areas. Las Vegas has the highest percentage of troubled commercial real estate in the country. “There is going to be a huge commercial crash, and that’s happening now,” said Rosen, who nevertheless acknowledged more banks are working with property owners, according to the paper. “This is an extremely dynamic and powerful force, and it’s going to impact the overall economy.”