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Colorado mountain town financing

Mountain Town Short-Term Rental
& Apartment Loans.

In Aspen, Vail, Breckenridge, and Steamboat, a single home can rent for more in a holiday week than a Front Range apartment does in a month. We review loan requests for high-value short-term rentals, small apartment buildings, and mixed use in Colorado's mountain towns, where the rules change from one town line to the next.

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Loans from $1 million to $30 million+

Local context

Every mountain town
writes its own rules.

All Colorado apartment financing
1

The license comes before the loan

Mountain towns have spent the last few years deciding how many short-term rentals they want. Breckenridge capped its non-exempt short-term rental licenses at 2,200, Steamboat drew a zone map where some neighborhoods allow unlimited licenses and others allow none, and Silverthorne added caps of its own. A home with a valid license in the right zone is a very different property from the house next door without one, so the license is the first thing we want to see.

2

Two seasons, one loan

A mountain home can earn most of its year between Christmas and spring break, then pick up again with summer hiking and festival traffic, with quiet shoulder months in between. That rhythm is normal here. What matters is seeing it month by month, so a slow October does not get mistaken for a problem and a big February does not get mistaken for the whole year.

Property stock

What owners hold
in the high country

01

High-value short-term rentals

Ski-in homes, slopeside condos, and large family houses in Aspen, Vail, Breckenridge, Telluride, and Crested Butte, rented by the night to visitors who book a year ahead for the same week. These are some of the most valuable rental homes in the country, and they deserve a loan built around how they actually earn.

02

Workforce apartment buildings

Mountain towns have a hard time housing the people who keep them running, and towns like Vail now pay owners to deed-restrict homes for local workers. Small apartment buildings leased by the year to ski patrollers, teachers, and restaurant staff tend to stay full in a way few buildings in Colorado do.

03

Mixed use in the town core

A shop or restaurant on the ground floor of Main Street, with apartments or lodging units above. These buildings carry the character of towns like Breckenridge and Crested Butte, and they often combine retail leases, long-term tenants, and nightly guests under one roof.

Programs that fit

Common mountain town loan programs

High-Value Short-Term Rentals

For high-value homes and condos in Aspen, Vail, Breckenridge, Steamboat, Crested Butte, and Telluride, where the rental income supports the loan and the local license is in place.

Program details

Interest-Only Apartment Loans

Interest-only payments for up to the full term on a stabilized apartment building, often with more cash out than an amortizing loan allows.

Program details

Apartment Loans

Long-term financing for mountain town apartment buildings from 5 units up, including workforce buildings leased by the year.

Program details

Cash Out Refinance

For owners who want to put the equity in a stabilized mountain property to work, up to 75% LTV on a refinance.

Program details

Commercial Real Estate

For Main Street retail, mixed use, small lodging, and other commercial property in the mountain towns where the leases and occupancy support a purchase, refinance, or cash out.

Program details
Local complications

What changes the conversation
above 8,000 feet

01

Licenses and zones

Whether a home can rent by the night depends on the town, the neighborhood, and sometimes the building's own rules. We want to know the license status, the renewal terms, and any HOA restrictions before anything else, because that decides which program fits.

02

Monthly history, not an annual total

A strong annual revenue number tells half the story. Twelve months of bookings, the management fee, cleaning costs, and lodging taxes show how the home really performs through the busy weeks and the quiet ones.

03

Insurance and access at altitude

Snow load, wildfire exposure, and long winter driveways all show up in insurance and operating costs here. A current insurance quote keeps everyone working from the real expense line from the start.

Have a mountain property in mind?

Send the numbers
Further reading

Articles for Mountain Markets deals

GuideInterest-only or amortizingReadGuideHow a bank reads a tax lossRead
Questions

Frequently asked

Does Capituro review short-term rental loans in Colorado mountain towns?+
Yes. We review loan requests for high-value short-term rentals in Aspen, Vail, Breckenridge, Steamboat, Crested Butte, Telluride, Durango, and the other mountain towns, as long as the home has the local license it needs to rent.
Does the short-term rental license matter for the loan?+
Very much. Breckenridge, Steamboat, and other towns limit where and how many nightly rentals are allowed. A home with a valid license in a zone that allows it is the starting point, so send the license details along with the numbers.
How do you look at seasonal rental income?+
Month by month. Mountain homes earn most of their income in winter and summer, with quieter shoulder months, so twelve months of booking history tells the story far better than a single annual total.
Can I take cash out of a mountain short-term rental or apartment building?+
Yes. Our programs go up to 75% LTV on a refinance. The property's income still has to support the new payment, so the answer depends on the rental history, the expenses, and what the property is worth today.
Do you review apartment and workforce housing buildings in the mountains?+
Yes. Small apartment buildings leased by the year to local workers are some of the steadiest rental properties in Colorado, and we review apartment loans on them from 5 units up.
Do you review mixed use buildings in mountain town cores?+
Yes. Main Street buildings with retail below and apartments or lodging above are a good fit for our commercial and apartment programs, depending on how the space is leased.