Short Term Rental Portfolio Refinance

Assignment

A Miami-based developer engaged our firm to provide cash-out refinances in 2021, while the COVID-19 pandemic still raged. The pandemic significantly hit the Short Term Rental market in Miami, which had faced a moratorium. The developer had two assets with high-rate bridge financing and needed to obtain better rates, with a cash-out component to recoup the equity spent to improve the assets.

Approach

FinanceMiami assisted in structuring the transaction, leveraging relationships with local lenders. The loans were creatively marketed and we were able to achieve results based upon pro-forma operations when recent history had been poor.

Results

The Sponsor was able to refinance existing matured private debt and replace with new long-term, low interest rate bank debt.