)
Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
11/15/2023
Property Type
Property City
Hawaiian Paradise Park
Property State
HI
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$80,000
Loan-to-Value
62%
Location Type
Rural
Property Condition
Vacant Land
Occupancy at Closing
Vacant
Lot Acreage
1.0
Borrower Credit Rating
Excellent
Interest Rate
12%
Deal Summary
Myers Capital Hawaii, a direct private lender, funded a $50,000 1st lien position equity cash-out loan for free-and-clear land in Hawaiian Paradise Park, on the Island of Hawai’i. The property value was estimated at $80,000 so our loan-to-value was 62%. The Borrower plans to use the funds for working capital to build a spec home at another location and sell it for a profit. To exit the loan, the Borrower will use the proceeds from the sale of the spec home to pay off our loan. The loan was held in the name of their LLC, which will help build credit for their real estate business and limit personal liability. The Borrower had an excellent credit score. The subject property was approximately 1 acre. The loan’s interest rate was 12%. The loan term was set at 12 months. This hard money loan was funded in November 2023.
Funded By
Myers Capital
Private Lending for Hawaii Investment Property, Including Land
Dealmakers
Reed Myers
Principal
Reed is also Principal of Myers Capital, an award-winning, privately-owned residential and commercial mortgage banking company based in downtown Honolulu. As a second generation family business owner, Reed is personally involved in over $1.5 billion in loan originations, helping thousands of clients throughout the country. He holds active mortgage loan origination licenses in Hawaii and multiple states. He is also an experienced real estate investor throughout Hawaii and the mainland.