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Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
10/17/2024
Property Type
Property City
Keaau
Property State
HI
Loan Term (months)
6
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Neighborhood
Hawaiian Paradise Park
Location Type
Rural
Property Condition
Good
Building Square Footage
512
Borrower's Plan
Long-Term Rental
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
13%
Deal Summary
Myers Capital Hawaii, a residential and commercial mortgage banking company and direct private lender, worked with its affiliate, Koa Mortgage Fund, to finance this $162,000 bridge loan.
Koa Mortgage Fund, a pooled mortgage debt fund, provided the loan in a first-lien position for a single-family property in Keaau, Hawaii, with a loan-to-value ratio of 60%, based on an estimated property value of $270,000.
The borrower plans to use the funds for property repairs and renovations to increase its value, with an exit strategy of refinancing into a long-term Debt Service Coverage Ratio loan.
This bridge loan, funded in October 2024, carries a 13% interest rate with a 6-month term, including six months of guaranteed interest.
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.