A repeat client approached LFB seeking cash out of their two existing short-term vacation rental condos in order to purchase two 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 two purchase loans for a total funding of $1,546,200. The loans were up to 70% of value and started at 5.75% fixed for 30 years. The loans allowed the borrower to free up capital and expand their portfolio of vacation rental units.
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