Private Money Loan for Honolulu Condotel Purchase

Funded by Loan Mac, Inc.

Honolulu, HI

$760,000

Condominium

Purchase

09/15/2021
Transaction by
Loan Mac, Inc.
Loan Mac, a direct private lending firm, funded a $760,000 private money loan for the purchase of a condotel unit in Honolulu, HI. The Borrower secured the property at an auction and was turned down by many lenders due to the unique property type. Loan Mac was able to quickly evaluate the complex issues related to condo hotels before providing a LOI. We did our own in-house valuation before visiting the property and meeting the borrower. We did not require a formal appraisal. The loan-to-value was just 48%, and the interest rate was 8.99%. Specialized loan documents were created, and we were able to close very quickly. This private mortgage was funded in September 2021.