Deal Details
Private Loan Type
Equity Cash Out
Approx. Funding Date
11/25/2024
Property Type
Property City
South Chesterfield
Property State
VA
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$325,000
Loan-to-Value
60%
Location Type
Rural
Property Condition
Good
Building Square Footage
1,773
Lot Square Footage
30,056
Lot Acreage
0.69
Borrower's Plan
Rehab and Rent
Exit Strategy
Refinance
Borrower Credit Rating
Good
Interest Rate
13.5%
Broker Commission
$5,850
Deal Summary
Myers Capital Hawaii, a mortgage banking company and direct private lender, funded a $195,000 first-lien position equity cash-out bridge loan for a single-family home in South Chesterfield, VA. The loan-to-value ratio was 60%, based on an estimated property value of $325,000. The Borrower, an experienced real estate investor with a diverse property portfolio, initially acquired and rehabbed the property using personal funds. This loan allowed them to cash out equity, reclaiming their capital to pursue future property acquisitions. Looking ahead, the Borrower plans to refinance the bridge loan into a long-term rental loan to support their investment goals. The subject property was in good condition. It is approximately 1,773 square feet set in a 30,056-square-foot lot. The Borrower had good credit. They plan to refinance the property upon completion of the rehab. The interest rate was 13.5% and the loan term was set at 12 months. The deal was brought to us by a broker who earned a $5,850 commission. This bridge loan was funded in November 2024.
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.