$504K Cash-Out: Two Ski-In, Ski-Out Vacation Condos in Mammoth Lakes

The Borrower's Problem

The owner held two vacation rental condos in the heart of the Mammoth Lakes village with no debt against them. The opportunity was to pull equity out at low leverage and put it to work buying additional rental properties in the same market.

Condotel units with short-term rental income sit outside most bank programs, so a conventional cash-out refinance was not available on a useful timeline.

The Helvetica Solution

Helvetica funded a $504,000 first mortgage against both units: a one-bedroom, one-bath and a two-bedroom, two-bath, 1,632 SF combined. An independent broker price opinion valued the pair at $1,018,000, placing the loan at 50% LTV.

Documented net rental income above $100,000 per year covered the payments at roughly 2.2 times. Payments were amortized over 120 months to keep them low, with the balance due after a 48-month term.

Benefit to the Borrower

• $504,000 in equity released from properties owned free and clear.
• 120-month amortization kept monthly payments low against strong rental income.
• 50% LTV preserved half the equity in the units.
• The 48-month term gave the owner time to acquire and season additional rentals.

Deal Highlights

• $504,000 cash-out refinance; first-mortgage security on two condos
• Ski-in, ski-out village location steps from the main gondola
• $1,018,000 broker price opinion; 50% LTV
• Over $100,000 in documented annual net rental income; roughly 2.2x coverage
• 48-month term with payments amortized over 120 months
• Planned exit: payoff from property and personal income