:
US: Business financing firm Viso Business Capital has arranged approximately $25 million in Small Business Administration-backed financing for ten Casago franchise buyers acquiring former Vacasa property management territories.
The transactions follow Casago’s $130 million acquisition of Vacasa, which was completed in April 2025 and brought together more than 40,000 vacation rentals at the time of closing.
Casago has since transitioned former Vacasa markets from its centralised corporate structure to locally owned businesses, enabling franchisees to acquire established property management territories with existing employees, homeowner relationships and operational infrastructure.
According to Viso, the structure created challenges for prospective buyers seeking acquisition financing because the individual territories had operated within Vacasa’s publicly listed corporate structure and did not have standalone tax returns.
Buyers instead relied on financial statements prepared by certified public accountants to demonstrate the performance of individual markets.
Viso said it worked with several SBA lenders to develop an underwriting approach for the transactions and supported Casago in meeting the requirements for franchise buyers to access SBA financing.
Joe Riley, president of Casago, said: “We were fortunate to have found a partner like Viso during our market sales process. At the onset, we had an exciting, but challenging task in transitioning centrally managed Vacasa markets to franchise buyers of all sizes.
“Viso’s capabilities proved to be the perfect fit for what we needed and helped many of our franchise partners achieve their goal of owning a local business.”
Heather Endresen, founder of Viso Business Capital, said: “These deals sat outside the standard SBA playbook, and that is exactly why we love them. When a business has no standalone tax returns, the work is in building the story a bank can trust.
“Great buyers, a strong franchise system behind them, and a lender who understands the full picture.”
The financing marks another stage in Casago’s integration of Vacasa and the transition of formerly corporate-managed territories to locally owned businesses operating under its franchise model.
Casago completed its acquisition of Vacasa on 30 April 2025. Vacasa’s shares subsequently ceased trading on Nasdaq.
Highlights:
- Viso Business Capital has arranged approximately $25 million in SBA-backed financing across ten Casago franchise acquisitions.
- Franchise buyers acquired former Vacasa property management territories with existing teams, homeowner relationships and infrastructure.
- The transactions required lenders to assess CPA-prepared financial statements because the individual territories did not have standalone tax returns.
- The deals form part of Casago’s transition of former Vacasa markets from centralised management to local ownership.
