Rodeo Lending Closes Two Loans Totaling $3,120,000 on Short Term Rental Properties in Portland, Oregon

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October 21, 2019

Rodeo Lending has closed a loan on two AirBnB type properties which are located in great areas of Portland. Rodeo’s innovative approach to underwriting this loan allowed the borrower to take cash out of an existing successful AirBnB type property. This cash out provided the additional money required for another AirBnB property that will be built. Rodeo then provided the rest of the money to payoff the existing loan as well as the additional money required for the construction funds for the property. The subject properties are an existing 3,643 sq ft 5-unit short term rental property and a soon to be constructed 7,387 sq ft 5-unit short term rental property with an additional commercial office space. The already existing property has had an impressive occupancy rate since opening of 95.1%. Rodeo’s unique approach to this loan, allows the borrower to duplicate his success of his original property, and to build his growing real estate portfolio. The borrower will exit both loans with traditional bank refinances.

DEAL HIGHLIGHTS:

  • 65% Loan to Completed Value
  • Fund Controlled Construction Budget
  • Built-in Interest Reserves

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