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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
09/18/2024
Property Type
Property City
Kilauea
Property State
HI
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$2,000,000
Loan-to-Value
35%
Location Type
Rural
Property Condition
Good
Occupancy at Closing
Vacant
Lot Acreage
5
Borrower's Plan
Rehab and Sell
Exit Strategy
Sale
Borrower Credit Rating
Average
Interest Rate
15%
Deal Summary
Myers Capital Hawaii, a mortgage banking company and direct private lender, funded a $700,000 first-lien position equity cash-out loan secured by a 5-acre parcel of land in Kilauea, Hawaii. The loan-to-value ratio was 35%, based on an estimated property value of $2,000,000. The Borrower used the funds to pay off the seller financing originally used to acquire the land in 2019. The remaining cash-out proceeds will go toward minor property improvements, such as roadwork, grading, and utility setup, to enhance the property’s marketability for sale. The Borrower had average credit. They plan to exit the bridge loan by selling the upgraded land within 12 months of completing the improvements. The interest rate was 15%. The loan term was set at 12 months. This hard money loan was funded in September 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.