Private Money Loan for Condotel Purchase in Honolulu, Hawaii

Funded by Loan Mac, Inc.

$760,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

09/15/2021

Property Type
Condominium
Property City

Honolulu

Property State

HI

Lien Type

1st Mortgage

Payment Type

Interest Only

Loan-to-Value

48%

Interest Rate

8.99%

Deal Highlights

Property secured at auction was turned down by many lenders due to the unique property type.
We did our own in-house valuation before visiting the property. No formal appraisal required.
Specialized loan documents were created and we were able to close very quickly.

Deal Summary

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 an 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.

Funded By

Loan Mac, Inc.

Easy Approval and Fast Funding for Many Investment Property Types