MAMMOTH VACATION RENTALS 2.0
A repeat client approached LFB seeking cash out on their two existing short-term vacation rental condos in order to purchase three additional units. The borrowers are ex-patriots living in Mexico and needed financing with lite documentation. The properties are all located in the desirable “Village at Mammoth Mountain” which is a popular tourist destination. The borrowers rent out their existing units through Airbnb and VRBO and have a strong rental history.
The properties have a “condotel” designation which, coupled with the short-term rental aspect, added complexity to the deal. LFB successfully identified a lender who provided two refinance loans and three purchase loans for a total funding of $1,316,400. The loans were up to 70% of value and started at 4.99% fixed for 30 years. The loans allowed the borrower to free up capital and expand their portfolio of vacation rental units. LFB has sourced 9 loans for this investor to date on vacation driven rental product.