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Deal Details
Private Loan Type
Purchase
Approx. Funding Date
03/18/2024
Property Type
Property City
Kailua-Kona
Property State
HI
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Purchase Price
$225,000
Loan-to-Purchase Price
80%
Borrower's Contribution to Purchase
20%
Source of Borrower's Contribution
Cash
Location Type
Vacation Area
Property Condition
Fair
Occupancy at Closing
Vacant
Number of Units
1
Lot Square Footage
524
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Excellent
Interest Rate
12.99%
Deal Summary
Myers Capital Hawaii, a direct private lender, funded a $180,000 1st lien position bridge loan for the acquisition of a condominium in Kailua-Kona, HI. We funded 80% of the $225,000 purchase price, while the Borrower contributed 20% cash at closing. It was a fast-moving opportunity in which the Borrower needed to close quickly. We were able to complete the transaction in under 14 days. The 1-bedroom, 1-bath condominium had significant deferred maintenance at the time of closing. The Borrower is an experienced real estate investor and they plan to renovate the property with their own funds. We did not include a hold-back of rehab money in this loan. The Borrower had excellent credit. Once the renovations are completed, they plan to sell the condominium for a profit. The condo was vacant at closing. It is approximately 524 square feet. The interest rate was 12.99%. The loan term was set at 12 months. This purchase bridge loan was funded in March 2024.
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.