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.