First Capital In New Partnership On Vacation Property Mortgages

First Capital In New Partnership On Vacation Property Mortgages First Capital Financial Services Corp., based in Las Vegas, has signed an agreement with New York-based Vacation Funding Partners LP to fund up to $10.2 million for new first mortgage loans on vacation properties purchased in the resale market.

Vacation Funding is a group of 12 institutional investors, each of whom has invested $850,000 into a vacation property mortgage loan fund. Each investor participates on a pro-rata basis in each vacation property loan, assuming only a fractional portion of risk on each loan. First Capital has agreed to process each loan for Vacation Funding and will receive a lender processing fee, paid upon completion of each loan funding transaction. First Capital will also match prospective sellers and purchasers of vacation properties in the secondary market.

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